Albaraka Turk

Albaraka Turk Has Issued a Dual-tranche Domestic Sukuk With a Total Amount of TRY 600 Million

Online PR News – 14-October-2019 – Umraniye, Istanbul – Albaraka Turk Participation Bank has finalized its public offering sukuk issuance of TRY 600 million on 4th of October 2019

Albaraka Turk Katilim Bankasi is pleased to announce that it has successfully issued nominal TRY 600 million of dual tranche lease certificates through its subsidiary Bereket Varlık Kiralama Şirketi on 4th of October. While the targeted total amount of the issuance was TRY 450 million, thanks to strong demand from the market, total amount reached to TRY 600 million. The certificates had two different tenors as 98 days and 147 days and the size of each trache was TRY 450 million and TRY 150 million respectively.

Commenting on the issue, Malek K. Temsah, Assistant General Manager of Treasury, Investment Banking, and Financial Institutions stated: "The uniqueness of this transaction was in its dual-tenored nature with investors able to subscribe to either the 98 day issue or the 147 day issue, both which were priced at different levels in line with market rates. Based on their different investment horizon appetites and pricing expectations, this transaction offered our investors additional flexibility. The daily liquid nature of these instruments in the secondary market and the ability of our customers to use these purchased lease certificates as collateral for potential credit facilities from our bank, have all contributed to the strong demand we continue to see for this asset class."