Turkey's Bank Asya plans 10-yr subordinated sukuk issue up to $300 mln

ISTANBUL, March 11 Mon Mar 11, 2013 8:23am EDT

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ISTANBUL, March 11 (Reuters) - Turkish Islamic lender Bank Asya said on Monday it had mandated banks for a subordinated sukuk issue worth up to $300 million with a ten-year maturity.

The lender made the statement to the Istanbul Stock Exchange.

Strong investor demand and a need to improve capital adequacy ratios are causing Turkey's Islamic banks to consider issuing subordinated sukuk, bankers and analysts told Reuters last month. (Reporting by Seda Sezer)