UPDATE 1-Kuveyt Turk launches $500 mln sukuk at tight end of final guidance
DUBAI, June 19 (Reuters) - Turkish participation bank Kuveyt Turk has launched a $500 million, five-year sukuk offer that will price later on Thursday, a document from lead arrangers showed.
The transaction is set to a price at a spread of 340 basis points over mid-swaps, a document from lead managers said, at the tight end of final guidance of 350 bps plus or minus 10 bps given earlier in the day.
Pricing was revised once earlier; initial pricing thoughts were given in the area of 375 bps over the same benchmark on Wednesday.
The bank has garnered orders worth more than $3.25 billion, the document added.
The banks arranging the transaction are Citigroup, Emirates NBD, HSBC, Kuwait Finance House and Standard Chartered.
(Reporting by Archana Narayanan; Editing by David French and Andrew Torchia)