Albaraka Türk Katılım Bankası restructuring of $200 million Tier 2 sukuk

Overview:

• Albaraka Türk Katılım Bankası has completed the restructuring of its $200 million 7.75% Tier 2 sukuk.
• Changes were required following the introduction of Turkey's Banking Regulation and Supervision Agency's 2016 equity amendments that resulted in the sukuk losing eligibility for inclusion within the bank's tier two capital calculation.
• The process involved securing a consent solicitation from the existing holders, which was run by Emirates NBD and Standard Chartered.

Jon Moore - Journalist