Name of borrower: Ziraat Katılım
Amount: $500 million
Tenor: Three years
Underwriters: Emirates NBD Capital, HSBC, Standard Chartered, Dubai Islamic Bank
Date: November 2023
The $500 million, RegS, three-year, senior unsecured sukuk offering by Ziraat Katılım was the first international sukuk and the inaugural senior unsecured sukuk from a state-owned bank in Turkey.
The order book of $2.5 billion was the largest oversubscription (five times) for a Turkish transaction in 2023. This allowed the issuer to tighten pricing by 25 basis points to 37.
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