Turkish Islamic bank Albaraka Turk has set final price guidance for a $250 million sukuk issue which will bolster its supplementary or Tier 2 capital, a document from lead arrangers showed on Monday.
Final price guidance for the ten-year bond, which has a one-time call option in 2020, was set at 10.5 percent, the document showed. Initial pricing for the sukuk was set in the area of 10.5 percent earlier in the day.
Under a call option, the borrower can repay the bond either at a pre-agreed rate or at a rate determined at the time of the clause being exercised.
Barwa Bank, Dubai Islamic Bank, Emirates NBD, Nomura, Noor Bank, Standard Chartered and QInvest are arranging the sukuk.