Turkey is extending this year’s $35 billion market for Shariah-compliant debt to the borders of the European Union, selling its debut sukuk issue just as yields on Islamic bonds worldwide hit the lowest since 2009.
Turkey’s dollar-denominated 2018 Islamic bonds will yield between 190 and 200 basis points over mid-swap rates, or about 3 per cent, according to a banker involved in the deal who declined to be identified because terms aren’t public. Average yields on sovereign Islamic debt has fallen 102 basis points in 2012 to 2.88 per cent, the lowest in three years, according to the HSBC/NASDAQ Dubai Sovereign US Dollar Sukuk Index.
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