Turkey Successfully Raises USD 3 Billion in First Dollar-Denominated Sukuk Sale of 2022
February 22, 2022 | Updated at February 22, 2022
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Email Turkey has raised USD 3 billion in Sukuk on the 16th of February 2022, in its first US dollar-denominated Sukuk sale since September 2021, prior to its rate-cutting policy.
Why it Matters?
The 5-year tenured Sukuk were sold at 7.25%, lower than the initial guidance price of between 7.5% and 7.625%. Despite a relatively low pricing to the Sukuk curve and in line with the conventional curve, the order book had remained strong topping USD 10.75 billion. The issuance traded well among investors in the United Arab Emirates (UAE) who flocked to purchase the Sukuk amidst the two countries strengthening their economic partnership as a result of a successful charm offensive by Turkey and the occurrence of reciprocal official state visits by the rulers of both countri...
