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Albaraka Türk Katılım Bankası issues $205M in AT1 sukuk

Al Baraka Banking Group BSC unit Albaraka Türk Katilim Bankasi AS raised Additional Tier 1 capital through the issuance of $205 million in perpetual Islamic bonds, or sukuk.

The bonds, Turkey's first exchange-listed Tier 1 sukuk and first Basel III-compliant publicly listed Tier 1 instrument, were priced at a profit rate of 10% and privately placed among several regional and international banks. Bereket One Ltd., a special purpose company listed on the Irish Stock Exchange, issued the sukuk certificates.

Standard Chartered Bank acted as global coordinator on the issuance, while Bank ABC, Emirates NBD, QInvest and Noorbank acted as joint lead managers.