Turkey's first sovereign sukuk issue was a public relations triumph but it's been a financial disappointment so far in the secondary market, showing the risks of over-allocating debt deals to a single region.
The $1.5 billion Islamic bond, maturing in 2018 and issued at a profit rate of 2.803 percent, dropped to about
98 cents on the dollar in the secondary market soon after issue in mid-September and has stayed below par since then.
Traders say bids have ranged between 99.0 and 99.5 cents in the past few days. It was bid at 99.5 cents on Thursday to yield 2.9 percent, according to Thomson Reuters data.
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