Almost a year after we saw the first corporate sukuk out of Turkey, and in line with our expectations in "Sukuk set record in first 9 months" that Turkey might surprise the market with a series of sukuk issues in 4Q 2011, the market welcomed the second issuance by Kuwait Finance House's Turkish subsidiary. (source)
The five-year USD 350 million sukuk, the second by the Turkish bank, was sold in the international markets and listed on London Stock Exchange. It pays 5.875% semi-annually.
Asya Katilim Bankasi (Bank Asya) announced that it has mandated Citigroup and UBS to issue sukuk in the international markets with a maximum term of five years and up to USD 300 million aimed at diversifying and increasing the bank's resources from abroad. Moody's assigned (P) Ba2 rating to the proposed sukuk.
Similarly, Albaraka Turk Katilim Bankasi has mandated four banks to arrange the sale of a similar-sized sukuk in international markets.
