Best sukuk house: Kuveyt Türk Investment
Kuveyt Türk Investment delivered a year marked by rapid scale, consistent execution and structural innovation in Turkey’s corporate sukuk market.
The firm saw high transaction volume in 2025, completing 78 deals. This level of activity supported market development: frequent issuance supported price formation and secondary liquidity in a market where sukuk has historically been intermittent, helping position it as a repeatable funding tool for Turkish corporates.
The firm’s structuring approach addressed a key gap in Turkey’s Islamic capital markets. By focusing on short- to medium-term sukuk tailored to private-sector funding needs, and incorporating diverse asset bases, it broadened the applicability of Shariah-compliant financing beyond traditional formats.
More complex transactions, such as commodity murabaha structures linked to international exchanges, introduced operational and legal sophistication that demonstrated sukuk’s ability to match conventional instruments in flexibility, supporting wider adoption among corporates.
Investor demand remained strong across issuances, with multiple transactions achieving oversubscription levels of two to three times, indicating growing participation from institutional and retail investors.
Market expansion was also evident in 2025, with Kuveyt Türk Investment bringing seven first-time issuers to sukuk and enabling companies to diversify funding sources.
Best sukuk deal: HSBC
Türk Telekom $600 million inaugural sukuk
In October 2025, HSBC acted as global coordinator and joint bookrunner for Türk Telekom’s inaugural sukuk issuance. Listed on Euronext Dublin’s Global Exchange Market, the $600 million, five-year sukuk was the first cross-border sukuk offering by a Turkish corporate, a significant milestone for local national capital markets.
Investor momentum was strong, with demand peaking at $1.9 billion post-US market open. The final yield was 6.5%, notably low for a Turkish corporate deal. The landing yield was the tightest for a BB-rated corporate issue from Turkey since 2019 and the tightest yield ever achieved by Türk Telekom since its debut in the international debt capital markets.
