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Rajeev K. Goel and Aaron Mehrotra Do markets perceive sukuk and conventional bonds as different financing instruments?

This Green Paper has the objective to launch a broad public consultation on the concept of Stability Bonds, with all relevant stakeholders and interested parties, i.e. Member States, financial market operators, financial market industry associations, academics, within the EU and beyond, and the wider public as a basis for allowing the European Commission to identify the appropriate way forward on this concept. The document assesses the feasibility of common issuance of sovereign bonds (hereafter "common issuance") among the Member States of the euro area and the requiredconditions 2 . Sovereign issuance in the euro area is currently conducted by Member States on. | BOFIT Discussion Papers 6 2011 Christophe J. Godlewski Rima Turk-Ariss and Laurent Weill Do markets perceive sukuk and conventional bonds as different financing instruments EUROJARJESTELMA EUROSYSTEMET Bank of Finland BOFIT Institute for Economies in Transition BOFIT Discussion Papers Editor-in-Chief Laura Solanko BOFIT Discussion Papers 6 2011 4.4.2011 Christophe J. Godlewski Rima Turk-Ariss and Laurent Weill Do markets perceive sukuk and conventional bonds as different financing instruments ISBN 978-952- 462-701-6 ISSN 1456-5889 online This paper can be downloaded without charge from http www.bof.fi bofit Suomen Pankki Helsinki 2011 BOFIT- Institute for Economies in Transition Bank of Finland BOFIT Discussion Papers 6 2011 Contents Abstract.3 Tiivistelma.4 1 Introduction.5 2 An overview of sukuk.7 2.1. What are sukuk .7 2.2 A brief history of sukuk.9 2.3 Are sukuk that different from conventional bonds .11 3 Empirical design.12 3.1 Data and summary statistics.12 3.2 Methodology and findings.13 4 Discussion.16 5 Conclusions.20 References.22