Turkey’s Islamic bond market is gathering momentum as local corporates plan sukuk offerings after the Turkish government raised its first lira-denominated sukuk on 3 October 2012. The 2-year TRY1.62bln (USD904mln) sukuk attracted strong demand, with a bid-to-cover ratio of 2.02 times.
The lira-denominated sukuk issue followed the debut of an international Turkish sovereign issue of 5-year USD1.5bln sukuk sold on 18 September 2012. The USD sukuk offering was oversubscribed by five times, priced at a profit rate of 2.803%. Middle Eastern investors accounted for 58% of the subscription, followed by European investors with 18%, Asian investors with 14% and US and other investors with the remaining 10%………………………………………..Full Article: Source