IslamicFinance.de

Kuveyt Türk Chairman Mohammed Al-Omar, Vice Chairman Abdullah Tivnikli and CEO Ufuk Uyan was present at at the signing ceremony and press conference for the second "Sukuk" issuance that accepted great interest from the Gulf Region and European investors.
Other officials from lead arranging banks also attended: Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank.

This is the first Turkish Sukuk under the new Sukuk regulations presented by the Capital Markets Board in Turkey to facilitate Turkish Sukuk issuance.
The joint lead managers were HSBC, Standard Chartered, Liquidity Management House, Abu Dhabi Islamic Bank and Commerzbank, and HSBC was seen as certificateholders’ representative on the issue of a $350 million (EUR 247 million) five-year Sukuk by Turkish participation bank Kuveyt Türk Kat?l?m Bankasi.

It appears that Liquidity Management House, a unit of Kuwait Finance House (KFH), is going to issue $1 billion in sukuk. KFH's Turkish unit announced in March that they will establish $500 million Islamic bond by end-year.

Citigroup plans to arrange more sales of Islamic bonds, or sukuk, from Turkey after managing a $100 million issue for Kuveyt Turk Katilim Bankasi AS, an executive at the company said. Citigroup and Liquidity Management House, a unit of Kuwait Finance House KSC which is the owner of Kuveyt Turk, acted as arrangers in Kuveyt Turk’s sukuk sales, the first in Turkey after regulators allowed companies to offer Islamic bonds in April.

Kuveyt Turk Katilim Bankasi, a subsidiary of Kuwait Finance House, will pay a coupon of 5.25 per cent on Turkey’s first Islamic bond offering that was oversubscribed, said people close to the transaction. Kuveyt Turk launched the three-year $100 million sukuk on August 17. This is the first ever sukuk from Turkey and the first bank sukuk originating from Europe, according to law firm Norton Rose, which advised on the offering. “This is another significant step towards growing Islamic finance in Europe. “The sukuk by Kuveyt Turk further demonstrates continuing interest and appetite for Islamic finance within key emerging economies,” Neil D. Miller Global Head of Islamic finance at Norton Rose (Middle East), said in the statement. The joint lead managers on the transaction were Citigroup Global Markets and Liquidity Management House.