Turkey raised $2.5 billion in its Sukuk issuance

Sukuk issuance

The Ministry of Treasury and Finance announced three times the demand for the Sukuk issuance, with a total issuance amount of $2.5 billion.

On November 7, 2023, the Ministry of Treasury and Finance announced the issuance of lease certificates in the international capital markets, with a 5-year maturity (January 14, 2029) and a total issuance amount of $2.5 billion.

According to the Ministry’s statement, the rental rate for the Sukuk was 8.5091%, with a yield rate of 8.50% (UST + 394.4 basis points).

The Ministry mentioned that the issuance amount will be credited to accounts on November 14.

The announcement stated that there was three times the demand for the issuance, with participation from 200 investors.

45% of the Sukuk was sold to the Middle East, 24% to the United Kingdom, 18% to the U.S., 7% to other European countries, 4% to Turkey, and 2% to investors in Asia.

With this issuance, a total financing of $10 billion was secured from the international capital markets in 2023. This issuance constituted the only Sukuk borrowing of the year.

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