Kuwait – Mubasher: Kuwait Finance House Turkey (KFH-Turkey) issued a five-year sukuk worth KWD 151.35 million ($500 million), according to a statement.
Listed on the Irish Stock Exchange, the sukuk has been priced yielding 5.136%.
The sukuk issuance has been rated BBB by Fitch Rating Agency, reflecting the robust financial position of the bank.
“KFH-Turkey mandated KFH-Capital as a global coordinator to arrange the issue in collaboration with regional and global banks,” according to KFH-Group CEO Mazin Al-Nahedh.
The total demand rose over 3.8-fold to exceed KWD 575.13 million ($1.9 billion), the CEO said.
The issue was finally priced at 385 bps over the 5-year mid-swap due to strong demand, Al-Nahedh noted, adding that "the strong order book assisted in achieving the best price in comparison to other recent Turkish banks bond issuance".
