November 19, 2015 / 7:54 AM / 3 years ago

Albaraka Turk gets feedback in 10 pct area for capital-boosting sukuk -sources

DUBAI, Nov 19 (Reuters) - Turkish Islamic bank Albaraka Turk has received initial pricing feedback in the 10 percent area for a potential U.S. dollar-denominated sukuk issue which would bolster its supplementary or Tier 2 capital, sources familiar with the matter told Reuters on Thursday.

The lender has received indications of interest totalling over $250 million, including those from joint lead managers, for the ten-year non-call five sukuk, the sources said.

A potential deal is expected early next week subject to market conditions, they said.

Albaraka Turk, a unit of Bahrain-based Al Baraka Banking Group, has chosen Barwa Bank, Dubai Islamic Bank, Emirates NBD, Nomura, Noor Bank, Standard Chartered and QInvest to arrange the sukuk issue. (Reporting by Archana Narayanan; Editing by Andrew Torchia)

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