With huge currency and stock market volatility and the waning fortunes of president Recep Tayyip Erdogan, Turkey’s bond market was a spectacularly inhospitable place for sukuk deals last year.
Despite this, the Turkish government and HSBC succeeded in bringing a $3 billion five-year sovereign sukuk transaction in February 2022; the largest-ever international deal from a non-Gulf Cooperation Council issuer.
It was Turkey’s biggest single-tranche issue in any currency or format, generating an order book of over $10.75
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