IFLR1000

Kuveyt Türk $350 million Tier 2 sukuk

11/2/2015
Sukuk, Sukuk al wakala
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$ 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

Jurisdictions:

Ireland
Türkiye

Deal types:

Sukuk
Sukuk al wakala

Practice areas:

Capital markets : Debt
Islamic finance

Governing law:

Cayman Islands

Industry sector:

Banking

Firms:
Clifford Chance

Party: Dubai Islamic Bank (Bookrunner, Arranger)

Party: Emirates NBD (Bookrunner, Arranger)

Party: HSBC (Bookrunner, Arranger)

Party: Noor Bank (Arranger)

Party: QInvest (Arranger)

Party: Abu Dhabi Islamic Bank (Arranger)

Party: Kamco Investment Company (Arranger)

Party: KFH Capital (Arranger)

Lawyers: Qudeer Latif, Sait Eryılmaz, Stuart Ure

King & Spalding

Party: KT Sukuk Company (Issuer, Trustee)

Party: Kuveyt Türk Katılım Bankası (Issuer)

Mutlu Law Firm

Party: Kuveyt Türk Katılım Bankası (Issuer)

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