backDUBAI, United Arab Emirates, February 21, 2016 — King & Spalding advised Kuveyt Turk Katilim Bankasi A.S. (KTPB), a Turkish participation bank majority-owned by Kuwait Finance House, in the issuance of $350 million subordinated resettable tier 2 certificates due 2026, listed on the Irish Stock Exchange. The certificates were issued through KT Sukuk Company a Cayman Islands incorporated special purpose vehicle.
Ufuk Uyan, the Chief Executive Officer of Kuveyt Türk commented: "The Basel III compliant Tier 2 sukuk will raise the capital adequacy ratio of our bank allowing for stronger growth."
The King & Spalding debt capital markets team advised KTBP was led by partner, Rizwan H Kanji with the assistance of senior associate Hamed Afzal and transaction specialist Gina Bunker.
The joint lead managers on the transaction were Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank, EmiratesNBD Capital Limited, HSBC Bank plc, KAMCO Investment Company, KFH Capital, Noor Bank and QInvest.
“This is an important transaction for Kuveyt Turk and may prompt further issuances out of Turkey" said Rizwan H. Kanji, a partner in King & Spalding “and we are particularly pleased for our long standing clients successful debut tier 2 issuance”.
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