Turkey's Bank Asya has raised $250 million through a 10-year non-call five subordinated Islamic bond, according to one of the lead managers.

The notes priced at par to yield 7.5 per cent, in line with initial price thoughts of mid-seven per cent released on Tuesday.

The issue carries a Ba3 rating by Moody's, one notch lower than Bank Asya's senior unsecured rating of Ba2.

Bank of America Merrill Lynch, Emirates NBD, HSBC and National Bank of Abu Dhabi are joint lead managers on the Reg S transaction.-Reuters