Albaraka Turk Katilim Bankasi has issued TRL 600 million dual-tranche Islamic bond through its subsidiary Bereket Varlık Kiralama Şirketi.

In a statement, the participation bank said that while the targeted total amount of the issuance was TRL 450 million, the total amount reached TRL 600 million.

Malek K. Temsah, Albaraka Turk’s Assistant General Manager of Treasury, Investment Banking, and Financial Institutions, said that the uniqueness of this transaction was in its dual-tenured nature with investors able to subscribe to either the 98 day issue or the 147 day issue, based on their different investment horizon appetites and pricing expectations, this transaction offered investors additional flexibility.