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Albaraka Turk to issue $200m Islamic bond
- Bahrain: Wednesday, May 01 - 2013 at 05:22
Albaraka Turk Participation Bank (ABTP), part of the Bahrain-incorporated Albaraka Banking Group (ABG), has said it hopes to raise up to $200m through a Tier 2 Subordinated Sukuk Al-Murabaha issuance, Saudi Gazette has reported. The lender is set to close its debut sukuk offering this coming week after finishing a roadshow targeting a limited private investor base. "The proceeds of this transaction will be utilised to strengthen our capital base by means of a funds injection and also to diversify our funding structure," a senior Albaraka Turk official was quoted by the daily as saying. "The facility will be structured as a Sukuk Al-Murabaha and is an unsecured private placement, which is being made available only for a limited investor base. The deal most likely will be closed early in the week starting 29 April," added the official.
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