Turkey Authorises the Issuance of Dollar-Denominated Sukuk Issuance for 2022

Turkish banks have received authorisation to issue Dollar-denominated Sukuk as announced by Turkey’s Treasury and Finance Ministry on the 15th of February 2022, marking the country’s return to the global bond markets in 2022.

Why it Matters?

Turkey’s last bond sale was in September 2021, preceding a policy of interest rates cuts. Refinitiv data reports that a USD 2 billion Eurobond and a USD 1.1 billion domestic bond are due to for payment by the country on the 21st of February 2022 and 25th of February 2022, respectively. In 2021, the country’s Treasury obtained financing of USD 10 billion from international capital markets and in 2022, USD 11 billion of financing are expected through bond issuances, as per the Ministry’s f...