TWF completes USD 1 billion Eurobond issuance, attracts record demand

Türkiye Wealth Fund's US$1bn dollar bond - all part of the national strategy 📌 💵 US$1bn dual-tranche - 5.5y at 7.00% and 10y at 7.75% - with near US$10bn in orders and solid tightening from guidance. 📈 Signals programmatic market access and helps anchor a financing curve. 🧭 Strategic shift: Bonds now sit alongside sukuk and unguaranteed bank loans, giving TVF a multi-channel funding platform. 🧱 Building finance: 2024 debut bond ➜ 2024 sukuk (+2025 tap) ➜ 2025 unguaranteed syndication ➜ 2025 Murabaha ➜ 2025 US$ dual-tranche* 🔍 Pricing improves vs 2024 debut; BB-/Stable and sub-300bp CDS support broader demand - despite high political and economic risks 🧩 New benchmarks mean lower price discovery for Turkish SOEs/corporates accessing markets ⏱ Risk radar: Domestic politics, inflation path, and global rates are major factors 🔁 Likely taps to build liquidity, more Islamic funding, and room for sustainability bonds tied to real projects. 👉 Read the full analysis including table of TVF's debt issues, and the strategic implications for issuers and investors: https://lnkd.in/e8GT7TSk #EmergingMarkets #FixedIncome #SovereignWealthFunds #Turkey #Turkiye #Bonds #Sukuk #AssetManagement

Arculus Fixed Income Fund The Fund returned, net of all fees, 31 basis points (bps) in August. Over the past 12 months the Fund has had a cash distribution to unit holders of 5.80% and a net of all fees return of 5.17%. These returns are reflective of the Fund’s mandated universe of Australian Sovereign and APRA-regulated financial sector senior bonds.

We're pleased to have advised the Turkish Sovereign Wealth Fund, Türkiye Wealth Fund (TWF) on its new USD 1 billion Eurobond issuance, which completed with record-breaking demand. Read more here: https://lnkd.in/evxtz-NP

We're pleased to have advised the Turkish Sovereign Wealth Fund, Türkiye Wealth Fund (TWF) on its new USD 1 billion Eurobond issuance, which completed with record-breaking demand. Read more here: https://lnkd.in/e2FRPUtZ

SEC approves ‘marked to market” valuation for fixed income securities  The Securities and Exchange Commission (SEC) of Nigeria has approved a two-year transition period, starting September 22, 2025, for fund managers to fully adopt mark-to-market… https://lnkd.in/dnCuJprf

💫 Fund Finance Alert 💫 The Central Bank of Ireland has issued a consultation paper seeking market feedback on a number of proposed enhancements to their AIF Rulebook including, in a fund finance context, the proposed removal of a regulatory prohibition which prevents Qualifying Alternative Investment Funds (QIAIFs) from acting as a guarantor on behalf of third parties.... this is a positive evolution in the product that will simplify deal documents, reduce costs and ultimately benefit investors so it's a big YES PLEASE from me! Read more in our advisory below and in the additional coverage from our Fund Finance and Asset Management & Investment Funds teams on our Walkers website. #FundFinance #Ireland #SubscriptionFinance #PrivateEquity #PrivateCredit #AlternativeCredit #AssetManagement

Piraeus Bank Ukraine is proud to support OTP Capital’s launch of the new closed-end mutual fund, “OTP Maximum”, by providing custodian services that ensure safety and transparency for investors’ assets. “Our goal is to create an environment where investors can be confident in the security and transparency of their assets. Partnering with OTP Capital is another step in delivering high-quality service to those seeking modern investment solutions,” — Stakhurskaya Irina, Member of the Management Board, Piraeus Bank Ukraine. The “OTP Maximum” fund offers opportunities for investors seeking higher returns and flexible strategies designed to respond effectively to market developments. Through this partnership, Piraeus Bank continues to provide reliable, client-focused solutions, reinforcing our reputation as a trusted financial partner with over 100 years of international experience.

Interest Rate Dynamics & Sukuk Market Performance In fixed income investing, one of the most critical drivers of performance is the movement of interest rates (OPR). The relationship is clear: - When OPR declines, existing Sukuk and bonds appreciate in value as their fixed coupons become more attractive relative to new issuances at lower yields. - Conversely, when OPR rises, bond/Sukuk valuations typically adjust downward to reflect the higher yield environment. This inverse correlation underscores why duration and yield curve positioning are key considerations in portfolio construction. The Principal Islamic Lifetime Enhanced Sukuk Fund is a good illustration of this dynamic. Over the past 12 months, the fund delivered a +10.02% return, supported by active allocation into Sukuk portfolios with tenures spanning 3–10 years. With a 3-year annualised volatility of 4.72% and a Sharpe Ratio of 0.67, the fund has demonstrated resilience while optimising risk-adjusted returns. For investors, this highlights the importance of Sukuk allocation not only as a source of stable income, but also as a strategic hedge in a diversified portfolio particularly in periods of shifting monetary policy. If you’d like to explore how Sukuk and fixed income strategies can strengthen your overall portfolio positioning, I’d be happy to have a discussion and share insights tailored to your financial goals! 😀

Can SIF dethrone debt funds or arbitrage funds for a short- to medium-term investment horizon with better risk-reward? 🔊 The *first SIF* launched by qSIF, managed by Quant Mutual Fund In my last post, I shared how SEBI wants to position SIF to clearly distinguish it from Mutual Funds and AIFs Firstly, it is important to understand the right positioning: SIF is a product that sits between MF and AIF. (PMS is irrelevant for this comparison.) Suitable for: 1. Investors with a high risk appetite, though the first SIF product claims to have lower beta than comparable mutual funds. 2. The equity allocation portion of your portfolio. Don’t confuse it with long-short AIFs, absolute return products, or arbitrage funds. 3. Diversified exposure across all market caps, similar to a flexi-cap fund. 4. Short- to medium-term tenure, ideally 3 months to 2 years—though it can be held for the longer term as well. The big question: Can it dethrone debt funds or arbitrage funds for a short- to medium-term investment horizon with better risk-reward? Quant Mutual seems to indirectly suggest this in their first launch call, but only time will tell. Reach out to know more about SIF and how much you can invest. #SIF _Investor education initiative by ___Boxodus Capital_

I had the pleasure last week of attending IPEM Paris, being one of the few CLO people among no fewer than 6,200 private equity and private debt pros. But CLOs are very much in vogue and there was talk on the fringes of the conference about more first-time issuers breaking into the European CLO space. There's an argument the market is crowded (especially versus the US), but there are ways to distinguish yourself and some of the people I spoke with highlighted how CLO issuers can come from any background: - There's been a renaissance in hedge fund-style shops moving into CLOs - Distressed funds have been seeking to make lines clear between their core business and performing credit in order to scale in CLOs - And private debt funds are looking to tap into the syndicated loan space and see CLOs as the ideal strategy to pursue this goal. CLO regulation is an obvious hurdle (oh, for a laissez faire approach), but it can be overcome. Elsewhere though European regulations are making things that are fairly common place in the US - such as rated feeder funds - much more difficult to put together. Capping off my week, I got to share the stage with Marathon Asset Management's Bruce Richards, Castlelake's Rory O'Neill and Churchill Asset Management's Gene Miao in a gloriously off-script conversation which covered ABLs, private credit liquidity and the all important question - what's next in private credit?