Kuveyt Turk launches sukuk at tight end of guidance with $3.25bn orders
Turkish participation bank Kuveyt Turk has launched a $500m five year sukuk at 340bp over mid-swaps, the tight end of refined guidance, after drawing $3.25bn of orders. Kuveyt Turk gave initial price thoughts of 375bp over mid-swaps on Wednesday, but tightened guidance to a 350bp plus or minus 10bp range on Thursday morning as books passed $2.25bn. Books went subject at 11am in London. The banks arranging the transaction are Citigroup, Emirates NBD, HSBC, Kuwait Finance House and Standard Chartered.
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