Bank Asya raises $250m through 10-yr subordinated sukuk

March 25, 2013 - 11:49:17 am
ISTANBUL: Turkish Islamic lender Bank Asya has raised $250 million in international markets through a subordinated sukuk issue with a ten-year maturity, the bank's chief executive Ahmet Beyaz said on Monday.
Strong investor demand and a need to improve capital adequacy ratios (CAR) are causing Turkey's Islamic banks to consider issuing subordinated sukuk, bankers and analysts told Reuters last month. 
Beyaz said in a statement this issue would raise its CAR to around 16 percent from 13 percent. The notes priced at par to yield 7.5 percent.
Bank of America Merrill Lynch, Emirates NBD, HSBC and National Bank of Abu Dhabi were joint lead managers on the transaction.
Regionally, 52 percent of the investors were in Europe, 35 percent in the Middle East and 13 percent in Asia. (Reuters)
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