Chicago, July 16 – Kuveyt Turk Katilim Bankasi AS (//BB-), with KT One Co. Ltd. listed as trustee, issued $200 million of 9.13% perpetual tier 1 capital certificates at par, according to a prospectus.
KFH Capital is the lead manager for the issue.
The certificates may be redeemed in whole, but not in part, on the first call date of July 16, 2024 and any periodic distribution date onwards. The certificates may also be redeemed upon the occurrence of a tax event or capital event.
Proceeds will be used as contribution of the Mudaraba Capital under the terms of the Mudaraba agreement.
The issuer is an Istanbul-based Islamic finance institution.
Issuer: | Kuveyt Turk Katilim Bankasi AS
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Issue: | Tier 1 capital certificates
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Amount: | $200 million
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Maturity: | Perpetual
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Lead manager: | KFH Capital
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Trustee: | HSBC Bank plc
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Coupon: | 9.13%
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Price: | Par
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Reset rate: | Mid-swaps plus 731.4 bps on first call date and every five years onwards
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Call: | July 16, 2024 and periodic distribution dates onwards
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Settlement date: | July 16
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Ratings: | Fitch: BB-
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