Turkish participation bank Kuveyt Turk plans to price a benchmark-sized Islamic bond issue on Thursday after giving initial price thoughts for the five-year offering, a document from lead managers said.

Pricing for the deal is currently earmarked for in the area of 375 basis points over midswaps, the document said, adding that order books had been opened.

Benchmark sized is traditionally understood to mean in excess of $500 million.

The banks arranging the transaction are Citigroup, Emirates NBD, HSBC, Kuwait Finance House and Standard Chartered.