Best sukuk deal – Turkey: Ziraat Katilim’s $500 million inaugural sukuk
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Best sukuk deal – Turkey: Ziraat Katilim’s $500 million inaugural sukuk

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 37.5bp.

The book was made up of local, regional and international investors from 24 countries. This reflects the strong standing of the issuer, but also the ongoing expansion of Turkey’s sukuk market.

Standard Chartered, Emirates NBD Capital, HSBC and Dubai Islamic Bank acted as joint lead managers and bookrunners for the deal.

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