09.07.2012 - Turkey to unlock Islamic funding with $1bln debut sukuk sovereign bond
Ankara is finally set to help open the way for Turkish banks and companies to access Islamic funding by issuing a debut sukuk sovereign bond, according to reports. The move is partly motivated by recent difficulties investors have met in raising funds to take part in infrastructure projects and privatisations. According to Reuters, which cites unnamed banking sources speaking on July 5, Turkey is set to mandate HSBC, Citi and Deutsche Bank to manage the sale of its first sukuk. The issue would set a benchmark for Turkish borrowers looking to tap a global sukuk market estimated at more than $100bn, allowing the Muslim, but secular, economy to diversify its fixed income investor base...............................................Full Article: Source
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