Turkish participation bank Kuveyt Turk has launched a $500 million, five-year sukuk offer that was priced on June 19, a document from lead arrangers showed.

The transaction is set to a price at a spread of 340 basis points over mid-swaps, a document from lead managers said, at the tight end of final guidance of 350 bps plus or minus 10 bps given earlier in the day.

Pricing was revised once earlier; initial pricing thoughts were given in the area of 375 bps over the same benchmark on June 18.

The bank has garnered orders worth more than $3.25 billion, the document added.

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