Kuveyt Turk secures Islamic loan

Kuveyt Turk secures Islamic loan

Published: January 6, 2015

Turkish subsidiary of Kuwait’s KFH raises US$350mn in oversubscribed deal.

Kuveyt Turk Katilim Bankasi, a Turkish Islamic bank owned by Kuwait Finance House, has secured a multi-currency syndicated financing worth about US$350mn.

The two-year Islamic funding line drew in 12 local, regional and international banks and was almost twice oversubscribed, allowing the bank to scale it up from an initial target of US$250mn. It included two tranches: US$300mn with a two-year tenor and €40mn (US47mn) with one- and two-year tenors.

Initial mandated lead arrangers and bookrunners were ABC Islamic Bank, Abu Dhabi Commercial Bank, Barwa Bank, Emirates NBD Capital, Noor Bank and Qatar Islamic Bank. In syndication these were joined by Boubyan Bank, Kuwait International Bank, Saudi British Bank, Ahli United Bank, United Arab Bank and Commerzbank.