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Fri 4 Jul 2014 02:59 PM

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Hong Kong hires banks for first Islamic bond

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

Hong Kong hires banks for first Islamic bond

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.

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