Kuveyt Turk launches sukuk at tight end of guidance with $3.25bn orders

By Dan Alderson
19 Jun 2014

Turkish participation bank Kuveyt Turk has launched a $500m five year sukuk at 340bp over mid-swaps, the tight end of refined guidance, after drawing $3.25bn of orders.

Kuveyt Turk gave initial price thoughts of 375bp over mid-swaps on Wednesday, but tightened guidance to a 350bp plus or minus 10bp range on Thursday morning as books passed $2.25bn. Books went subject at 11am in London.

“Even at 340bp the pricing looks fair,” ...

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