A&O Shearman advises Citi on landmark issuance of digitally native notes in Türkiye

The notes were issued through Euroclear’s Digital Financial Market Infrastructure (D-FMI), a platform based on distributed ledger technology. This innovative infrastructure enables the issuance, distribution, and primary market settlement of fully digital securities, streamlining processes and enhancing efficiency for market participants.

A&O Shearman partner Jamie Durham commented: “We are delighted to have advised Citi on this landmark transaction, which marks a pivotal step forward for digital capital markets not only in Türkiye but also more widely. This deal establishes another market for digital securities and highlights A&O Shearman’s commitment to guiding our clients through the most complex and novel developments in global finance.”

A&O Shearman’s cross-border team advised on all aspects of the transaction, drawing on the firm’s deep experience in financial institutions and technology-driven capital markets. The A&O Shearman team in London was led by partner Jamie Durham with support from senior associates Aditya Vikram and Michael Hossack, who advised Citigroup Global Markets Limited. A&O Shearman partner Luke Lewis advised Citibank, N.A., London branch with support from senior associates Chris Montague-Jones, Laura Lumley, and trainee Oliver Stentiford. The Gedik & Eraksoy team in Türkiye included partner Umut Gurgey, senior associate Dilsah Gurses Erulutekin, and associate Melis Yılmaz Diler.

This pioneering transaction underscores A&O Shearman’s commitment to supporting clients as they navigate the most complex and innovative challenges in global financial markets. The successful issuance of DNNs by İşbank sets a new benchmark for digital securities in Türkiye and demonstrates the transformative potential of distributed ledger technology in capital markets.