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Zyfin Holdings, an asset management and advisory firm, has listed a Turkish sovereign laddered bond, the LAM Alternatif Zyfin Turkey Sovereign UCITS ETF, on the Deutsche Borse and London Stock Exchange.
Rising interest among domestic and international investors in the Turkish domestic debt markets has led to enhanced liquidity and strength in Turkish sovereign bonds, a press release from Zyfin said.
“It is the sixth largest local currency bond market among emerging economies. The fund offers international investors low cost and easy access to Turkish sovereign bonds.”
The objective of the fund is to track the performance of the ZyFin Turkey Sovereign Bond Laddered Index which consists of a basket of sovereign bonds issued by the Government of Turkey in Turkish Lira across various maturities. Underlying exposure is taken through physical replication and is therefore more efficient in tracking the index.
The index comprises six bonds issued by the Government of Turkey, selected from a universe of all bonds issued by the Government, which have greater than 100 million Turkish lira outstanding amount.
The bonds are divided into three baskets, with each basket containing two bonds and having a residual maturity closest to a target maturity of 2, 5 and 10 years, respectively. Index Securities are issued with fixed-rates and the Index is calculated in USD.
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