Hong Kong hires banks for first Islamic bond

Issue is expected to raise between $500m and $1bn

Hong Kong has mandated HSBC , Standard Chartered, CIMB Group Holdings and National Bank of Abu Dhabi to arrange its first Islamic bond issue, IFR reported on Friday.

The Hong Kong Monetary Authority is handling the deal, which is expected in September, IFR, a Thomson Reuters publication, said citing sources close to the deal.

The Islamic bond, or sukuk, is expected to raise between $500m and $1bn. It will likely have a tenor of 5 years and will be targeted at global institutional investors, Peter Pang, HKMA deputy chief executive, told a conference in April.

Hong Kong lawmakers passed a tax bill in late March to allow for sukuk sales.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Does the Saudi IPO signal the end of the age of oil?

Does the Saudi IPO signal the end of the age of oil?

Saudis may want to capitalise on an asset that’s only going to...

China paves way for market-based IPO system

China paves way for market-based IPO system

A new law would let companies, not regulators, determine when...

Trading from the frontline in Palestine

Trading from the frontline in Palestine

Palestine’s economy has been crippled by the war on Gaza but...

Most Discussed
sponsoredTracking