Next step, select your Text Tool and write a text preferably with a large font. The color is of no importance, as we will be hiding the text in steps to come.
We are going to add an emboss filter. In the Property Inspector panel you will find the add live filters, click on the + sign to bring up the live filters menu. Choose the Bevel and Emboss > Raised Emboss filter.
Here you can adjust the size of your emboss, which in turn will dictate the size of your transparency. The first dropdown menu adjusts the size, the second adjusts the opacity, the third adjusts the softness, and the forth adjusts the angle of light. You can use the settings I have below, or come up with your own. Next uncheck the "show object" box to hide your text.
You will see that after hiding the text, all that is left is the white and black emboss overlays. This create a nice raised feel, without any body for the text. In turn, we have created some transparent text! Here is how mine turned out.