Wednesday 25 August 2010

Turkey's first Islamic bond offer oversubscribed-sources | Reuters

Turkey's first Islamic bond offering, from lender Kuveyt Turk, fetched a yield of 5.25 percent on Tuesday and was oversubscribed by investors, sources familiar with the matter said.

Kuveyt Turk, which is majority-owned by Kuwait Finance House (KFIN.KW), launched the three-year $100 million sukuk on August 17, paving the way for more Turkish companies to tap the growing Islamic finance market.

The sukuk, which was primarily bought by financial institutions, is the first sukuk ever out of Turkey and the first bank sukuk originating from Europe, said Rizwan Kanji, senior debt capital markets attorney at law firm Norton Rose, which structured the deal."

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