Sukuk still at full steam

14 Dec 2011

The December slowdown, coupled with the eurozone turmoil and political upheaval in Russia, has hit the EM bond market hard. But while conventional bonds are now shut for the year, deals are still steaming ahead in the sukuk market.

Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka wants to issue a dollar-denominated $200m sukuk this week, having recently finished investor meetings. Albaraka is targeting a profit rate of around 6% — roughly in line with the 5.875% paid by another national peer, Kuveyt Turk, for ...

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