DUBAI: Turkey is expected to raise $2.5 billion on Tuesday from a sale of five-year sukuk, or Islamic bonds, that drew more than $9.75 billion in orders, a document detailing the transaction showed.

It set the yield for the Turkish sukuk at 5.125%, tightened from an initial price guidance of around 5.5%, the document from one of the banks on the deal showed.

Dubai Islamic Bank, Emirates NBD Capital , HSBC and Standard Chartered are arranging the deal, which is expected to close later on Tuesday.