The investment management and services firm said that it was the first Turkish bank sukuk to be placed globally, where the obligor is completely Turkish owned firm.
The inaugural issuance of sukuk certificates, which are unconditionally and irrevocably guaranteed by Bank Asya, is for $250,000,000 and will have an initial yield of 7.5% annually and are due in 2023.
Apart from managing administrative duties pertaining to the issuance of the certificates, BNY Mellon will also provide fiduciary services and make profit and principal payments to investors on behalf of Asya Sukuk Company.
Commenting on the deal, BNY Mellon corporate trust Middle East, North Africa and Turkey senior relationship manager Giambattista Atzeni said that the Tier 2 sukuk offers Turkish banks with an efficient means of raising capital globally.
BNY Mellon Corporate Trust serviced $12 trillion in outstanding debt from 61 locations in 20 countries, as of 31 March 2013.
Protecting assets and enhancing the management and administration of client investments, BNY Mellon’s Asset Servicing business supports institutional investors in fast-evolving markets through services that process, monitor and measure data from across the globe.
Delivering informed investment management and services in 36 countries and over 100 markets, BNY Mellon had $26.3 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management, as of 31 March 2013.
