HSBC Sees 2013 Sukuk Sales Doubling to $3 Billion: Turkey Credit
07 May 2013 07:24 GMT
 
Islamic bond sales in Turkey may double to $3 billion this year as companies join the government in accessing Shariah-compliant investors, according t (more)

Islamic bond sales in Turkey may double to $3 billion this year as companies join the government in accessing Shariah-compliant investors, according to HSBC Holdings Plc (HSBA), the world's biggest underwriter of sukuk.

Sales reached about $1 billion this year, led by banks including Turkiye Finans Katilim Bankasi AS, according to data compiled by Bloomberg. The yield on March 2018 notes, which Turkey sold for the first time in September, fell six basis points this year to 2.68 percent, seven basis points below the global average, the data show.

"We'll see it across corporates, we'll see it across the government" as well as state-related entities, Mohammed Dawood, a Dubai-based managing director of debt capital markets at HSBC Amanah, the bank's Islamic finance unit, said in an interview May 1. "Arguably we can double from last year. That's a market we're very excited about."


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