GCC banks close dual-currency deal for Asya

A consortium of Gulf-based banks has announced the successful closing of a $230.5 million and a euros 115.3 million syndicated dual-currency Murabaha financing facility for Turkish Bank Asya. Launched at $225 million, the facility was oversubscribed to close at $382 million equivalent with participation from 28 banks from across the globe. The facility carries a profit rate of 125 bppa over the relevant benchmark. The proceeds from the facility will be used by Bank Asya to expand its financing activities in Turkey. ABC Islamic Bank, Barwa Bank, Emirates NBD Capital, National Bank of Abu Dhabi, Noor Islamic Bank and Standard Chartered Bank were the Initial Mandated Lead Arrangers and also the Bookrunners for the deal.