Kuveyt Türk $350 million Tier 2 sukuk

11/2/2015
Sukuk, Sukuk al wakala

$ 350 million

Completed

11/2/2015


Overview:

  • Kuveyt Türk Katılım Bankası has issued a $350 million subordinated Tier 2 sukuk (Islamic bond), listed on the Irish Stock Exchange.
  • The issuer is an orphan special purpose vehicle (SPV) company established by Kuveyt Türk in the Cayman Islands with the sole purpose of issuing the certificates.
  • The certificates utilise a wakala (agency contract) structure, with the wakala assets comprising certain ijara (capital leasing) assets, murabaha (deferred sale) receivables and a tangible investment sukuk.
  • Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Kamco Investment Company, KFH Capital, Noor Bank and QInvest acted as joint lead managers on the issue.

Jon Moore - Journalist

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