17.04.2013 - Fitch assigns Turkiye Finans' forthcoming sukuk issue expected 'BBB(EXP)' rating
Fitch Ratings has assigned Turkiye Finans Katilim Bankasi A.S.'s (Turkiye Finans) forthcoming Sukuk issue an expected rating of 'BBB(EXP)'. Turkiye Finans is the originator of the Sukuk; and, certificates will be issued by a fully-owned SPV established in Turkey. The SPV will use 51% of the proceeds to acquire the beneficial interests and rights in a pool of leasing assets from Turkiye Finans. The profit from these assets will be distributed to the Sukuk investors. Turkiye Finans (as managing agent) will actively manage this portfolio and ensure that profits are in line with the entire expected return on the Sukuk. The remaining 49% of the proceeds will be used to execute a commodities-based murabaha transaction between the SPV and Turkiye Finans...........................................Full Article: Source
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