Turkey's first-ever issue of a sovereign sukuk will test Gulf investors' willingness to leave their comfort zone within the region and settle for lower yields outside it - potentially signalling fresh flows of Gulf money into southeast Asian and African debt.
Turkey, rated BB by Standard & Poor's, held investor meetings for the dollar-denominated Islamic bond in several Gulf cities this week. The issue, which could raise up to $1 billion, is expected during the week starting on Sept. 17.
Traditionally, Gulf investors have tended to focus on their own region, where credit ratings tend to be high but
geopolitical risks keep yields higher than would normally be the case for such ratings.
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