Ogier (Chris Byrne and Peter Longstaffe) acted as Jersey legal advisers to WestLB (as Sole Co-ordinator and Joint Arranger) in relation to the issuance by A.R.T.S Ltd (a Jersey SPV administered by Deutsche Bank Jersey) of a number of tranches of floating rate notes in an aggregate amount of just under US$865,000,000 pursuant to the A.R.T.S US$5billion note issuance programme.

The proceeds of the notes was used to purchase further diversified payment rights receivables from Akbank T.A.S., the largest Turkish bank by market capitalisation as of 19 August 2010.

International counsel to the Sole Co-ordinator and Joint Arrangers was White & Case.

Other law firms involved were: 

• Sidley Austin LLP (international counsel to the multilaterals)
• Hidayetoglu & Co (Turkish counsel to the Joint Arrangers)
• Gide Loyrette Nouel (international counsel (including Turkish counsel) to Akbank as Seller)
• White & Case (London) (English counsel to security trustee, issuing agent, paying agent and facility agent).
  

Following completion of the deal, Akbank T.A.S. quoted as follows:
"We are proud to successfully close this deal setting the stage in EMEA ABS market which was silent since 2009."