Eti Krom’s offering will follow that of Turkish government which raised $2 billion in February from a sale of Islamic bonds that was about three times oversubscribed.
Sunday 04, August 2019
Turkey’s Eti Krom has hired JPMorgan Chase & Co. to raise $250 million from debut US dollar-denominated Islamic bonds issuance, reported Bloomberg.
Evren Ozturk, the Chief Financial Officer of Eti Krom, said, “The ferro-chrome producer, based in the city of Maslak near Istanbul, will use the money from the five-year securities for capital expenditure and other working expenses.”
The sale of the high-yielding bonds is expected later this year, Ozturk said.
"We want to boost our financial credibility in the Middle East, that is why we will issue Sukuk instead of conventional finance,” added Ozturk.
Global sales of international Islamic bonds have climbed 38 per cent this year to $15.8 billion.