Chicago, Nov. 10 – Ziraat Katilim Varlik Kiralama AS issued $500 million of lease certificates due November 2026 (//B-), according to a prospectus document.
The profit rate is 9 3/8%.
Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, HSBC Bank plc and Standard Chartered Bank were the joint lead managers.
There were 135 individual orders on the inaugural transaction, lawyer involved with the sale said.
The deal is listed in Dublin. The certificates were issued under a Sukuk Al-Wakala and/or Murabaha structure.
Ziraat Katilim Bankasi AS is a state-owned participation bank in Turkey.
| Issuer: | Ziraat Katilim Varlik Kiralama AS
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| Obligor: | Ziraat Katilim Bankasi AS
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| Amount: | $500 million
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| Issue: | Lease certificates
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| Maturity: | Nov. 12, 2026
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| Bookrunners: | Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, HSBC Bank plc and Standard Chartered Bank
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| Counsel to issuer: | Akin Gump Strauss Hauer & Feld LLP, Paksoy Ortak Avukat Burosu
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| Counsel to underwriters: | Clifford Chance LLP, Ciftci Attorney Partnership
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| Coupon: | 9 3/8%
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| Change of control: | At par
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| Trade date: | Nov. 3, 2023
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| Settlement date: | Nov. 6, 2023
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| Ratings: | Fitch: B-
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| Distribution: | Regulation S
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| ISIN: | XS2699906512
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