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EM debt investors had largely expected a debt treatment would be required
Undisclosed institutional shareholder sells stake in Wednesday evening ABB
The country is unlikely to issue new dollar bonds in the near future despite a big rally in yields
Underwriting left unused after deal is 33% oversubscribed
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Source: The STAR Group of Publications
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Today Turkey issued its first Sukuk having previously only issued conventional bonds. Jason Kabel, Head of Fixed Income at Bank of London and The Middle East commented: "Further details have been released today regarding the $1.5bn Sukuk (Islamic bond) issued by Turkey. It is encouraging that a country outside of South-East Asia or the GCC is issuing a Sukuk of this size in US dollars. The Sukuk was significantly over-subscribed, with the book size closing at over $8bn despite being sub-investment grade and offering a profit rate of approximately 2.80%. The interest in this Sukuk demonstrates the huge demand for US denominated Sukuk in the international market. We expect to see more governments and institutions take advantage of this demand over the last quarter of 2012."
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Manama, Bahrain –18th September 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 328%.