Turkey's Albaraka postpones sukuk issue
Istanbul, December 15, 2011
The Turkish unit of Bahrain's Albaraka Banking Group said on Thursday it had postponed a planned issue of Islamic bonds, saying the yields investors expected were too high.
"Because of the negative environment in international markets the yields international investors are seeking are not matching with our expectation," the Islamic lender said, adding that demand was very good.
Albaraka said on December 11 that it hoped to raise $200 million in an Islamic bond by the end of this week, citing interest from investors in Asia and the Gulf.
Turkish unit Albaraka Turk Katilim Bankasi had mandated Deutsche Bank, Emirates NBD, Noor Islamic Bank and QInvest last month for the sukuk issue. – Reuters
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