146
Table 4.23: Number of Lease Certificates Issued by Corporates (2010-August 2017)
Issuer 2011 2013 2014 2015 2016 Aug
2017
Total
Aktif Bank Sukuk Varlik Kiralama AŞ - 2 2 2 3 9 18
Aktif Yatirim Bankasi
IFM Istanbul Finans Merkezi Insaat
Taahhut
GAP Insaat Yatirim ve Dis Ticaret
-
-
-
-
2
-
1
1
-
2
-
-
3
-
-
8
-
1
14
3
1
Asya Varlik Kiralama AŞ - 5 4 - - - 9
Bankasya - 5 4 - - - 9
Bereket Varlik Kiralama AŞ - - 1 - 4 7 12
Albaraka Turk Katilim Bankasi - - 1 - 4 7 12
Halk Varlik Kiralama AŞ - - - - - 1 1
Halk Gayrimenkul Yatirim Ortakligi - - - - - 1 1
Kabtek Varlik Kiralama AŞ - 1 - - - - 1
Kablotek Kablo Sanayi Ve Ticaret - 1 - - - - 1
Katilim Varlik Kiralama AŞ - - - - - 2 2
Zorlu Enerji Elektrik Uretim - - - - - 2 2
KT Kira Sertifikalari Varlik Kiralama AŞ - 1 6 24 14 15 60
Kuveyt Turk Katilim Bankasi - 1 6 24 14 15 60
KT Sukuk Varlik Kiralama AŞ 1 - - - - 2 3
Derindere Turizm Otomotiv San Ve Tic
Kuveyt Turk Katilim Bankasi
Toprak Mahsulleri Ofisi
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
1
1
1
1
TF Varlik Kiralama AŞ - 1 7 12 10 14 44
Turkiye Finans Katilim Bankasi
Turkiye Finans Katilim Bankasi (Fon
Kullanicisi Cetin Civata)
-
-
1
-
5
2
12
-
10
-
14
-
42
2
TFKB Varlik Kiralama AŞ - - 1 2 - - 3
Gama Guc Sistemleri Muhendislik Ve
Taahhut
Tirsan Treyler Sanayi Ve Ticaret
Zorlu Holding
-
-
-
-
-
-
-
1
-
1
-
1
-
-
-
-
-
-
1
1
1
Vakif Varlik Kiralama AŞ - - - - - 7 7
Vakif Katilim Bankasi - - - - - 7 7
Ziraat Katilim Varlik Kiralama AŞ - - - - 3 9 12
Ziraat Katilim Bankasi - - - - 3 9 12
Grand Total 1 10 21 40 34 66 172
Source: CMB
Analysis of Sukuk Issuances – Supply (Sell Side)
The basic building block of a robust domestic bond market is the development of a sustainable
supply of domestic debt securities from both the public and private sectors. Key to this is the
establishment of a sovereign benchmark yield curve. Benchmarks play a crucial role in the
efficient functioning of the primary and secondary bond markets. The development of a liquid
sovereign benchmark is essential towards improving the liquidity of the bond market and
providing a risk-free yield curve. The Turkish government and regulators have done well in
making available different maturities for sovereign conventional and sukuk issues, as depicted
in Chart 4.49.
Nonetheless, Turkey needs to diversify the funding sources for corporates and reduce their
over-reliance on bank credit. A well-functioning corporate bond market will enable banks and