Turkey has raised $2.5bn in its first deal on the dollar bond market since April as the country’s broad economic policy shift lures back investors who abandoned Turkish assets in recent years.
The country received more than $7bn in bids on Tuesday for a new five-year dollar-denominated sukuk, a type of debt instrument compliant with Islamic religious law, according to a term sheet seen by the Financial Times.
High demand for the deal is the latest sign of how investor sentiment is slowly improving after president Recep Tayyip Erdo?an shook up his economic team following his re-election in May and set a path to end years of unconventional economic policies.
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