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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