CAPITAL MARKETS - Kuveyt Turk issues $350 million Sukuk

cpifinancial.net  - Liquidity Management House (LMH) arranged and distributed an Ijara/Wakala Sukuk for Kuveyt Turk for an amount of $350 million over a tenor of five years

The Vice Chairman and CEO of Liquidity Management House (LMH), Emad Y. Al-Monayea, stated that LMH managed to arrange and distribute an Ijara/Wakala Sukuk for Kuveyt Turk for an amount of $350 million over a tenor of five years. The Sukuk issuance was rated BBB- by Fitch and will be listed on the London Stock Exchange. Al-Monayea stated that the issuance was concluded in a record time with a competitive rate during a difficult market period; all while adhering to the recent law issued by the Capital Market Authority in Turkey to organise the issuance of Sukuks. (source)

BANKING - SUKUK - Kuveyt Turk introduces new Islamic security

The bank has become the first financial institution in Turkey and Europe to issue sukuk securities, led by Citigroup and the Liquidity Management House (LMH). The financing received one-and-a-half times more demand than anticipated.

“This is a turning point,” Turkish Finance Minister Mehmet Şimşek said at an iftar dinner hosted by Kuveyt Türk in İstanbul on Wednesday. “As an alternative financial tool, sukuk will make important contributions to the development of the country.”