February 12, 2015 / 4:02 AM / 3 years ago

Kuveyt Turk draws closer to ringgit Islamic bond debut

Feb 12 (Reuters) - Turkish participation bank Kuveyt Turk is one step closer to issuing sukuk, or Islamic bonds, in the Malaysian market after it received a credit rating from RAM Ratings for a proposed 2 billion ringgit ($551.7 million) programme.

RAM Ratings assigned an AA3 preliminary rating to the proposed programme, which would be issued through its asset-leasing company, the rating agency said in a regulatory filing.

This would mark the first foray into the Southeast Asian Islamic debt capital market by Kuveyt Turk, 62-percent owned by Kuwait Finance House.

In September, the Islamic lender sought approval from Turkish regulators for the programme.

Kuveyt Turk last tapped the market in June, when it issued a $500 million five-year sukuk that attracted over $3.25 billion in orders. ($1 = 3.6250 ringgit) (Reporting by Bernardo Vizcaino; Editing by Kim Coghill)

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