Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UK picks HSBC for Islamic bond debut as early as this year  Join our daily free Newsletter

MENAFN - Khaleej Times - 01/02/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Khaleej Times) Other banks will be mandated closer to the time of the sale, the official said on Thursday, asking not to be named because the information isn't public. Linklaters LLP will provide legal support for the Islamic bond, or sukuk, including its tax and real estate implications, the person said. Shani Halstead, a spokeswoman for HSBC in London, declined to comment when contacted by Bloomberg News

Prime Minister David Cameron announced the plan to sell 200 million (330 million) in securities that comply with Islam's ban on interest on October 29. The sukuk will help the UK establish itself as a global capital for Islamic finance alongside Dubai and Kuala Lumpur, Cameron said in a speech at the time. The industry is growing 17 per cent a year and may be valued at 2.67 trillion by 2017, according to PricewaterhouseCoopers LLP

The UK government has weighed the sale of sukuk since at least 2007. Robert Stheeman, chief executive officer of the Debt Management Office, said as recently as September that issuing Shariah-compliant debt would not be value for money. The sale of a Islamic bond takes "pragmatism and political will," Cameron said the following month

The 1 billion sukuk due June 2018 from Islamic Development Bank, which has Moody's Investors Service highest rating at Aaa, had a yield of 1.68 per cent on Thursday. UK bonds due in July of the same year, rated one level below the Jeddah-based bank at Aa1, yielded 1.64 per cent as of 9am in London, data compiled by Bloomberg show

In addition to acting as a bookrunner for Britain's sukuk, HSBC will provide financial advice to the DMO and the Treasury on the syndicated issue, the Treasury official said. The timing of the sale will depend on market conditions and the required preparation, the person said. A spokesman for Linklaters didn't immediately return calls seeking comment when contacted by Bloomberg News on Thursday

Islamic bonds are typically backed by assets or cash flow. About 60 per cent of global sukuk is issued from Malaysia, according to the Malaysia International Islamic Financial Centre. Dubai is also seeking to become the capital of the global Shariah-compliant economy


Khaleej Times

  MENA News Headlines
 Nov 24 2015 - China home-price recovery slows in OctoberGulf Times
(MENAFN - Gulf Times) China's home-price recovery slowed in October, as a supply glut in less-prosperous cities challenges the authorities' efforts to revive the residential market with interest-rate ...

 Nov 24 2015 - Devaluation may force China to pay premium on Dim Sum debtGulf Times
(MENAFN - Gulf Times) China is set to pay more to sell sovereign bonds in Hong Kong than in the onshore market for the first time, as investors brace for the possibility of another yuan ...

 Nov 24 2015 - PetroChina, CNPC plan pipeline, refinery salesGulf Times
(MENAFN - Gulf Times) PetroChina Co and its state-owned parent are planning to sell assets before the end of the year that may include stakes in pipelines and refineries as the country's biggest oil ...

 Nov 24 2015 - Saudi Arabia ready to work with others to stabilise crude marketGulf Times
(MENAFN - Gulf Times) Saudi Arabia's cabinet said yesterday it was ready to cooperate with Opec and non-Opec countries to achieve market stability, days before Opec meets to review its year-long ...

 Nov 24 2015 - Issa Abu Issa on TAKREEM 2015 juryGulf Times
(MENAFN - Gulf Times) Prominent Qatari entrepreneur and Salam International chairman and CEO, Issa Abdul Salam Abu Issa was on the eminent panel of jury of 'TAKREEM 2015.' Established in 2010, ...

 Nov 24 2015 - Joyalukkas raises AED500mn to 'refinance and reduce borrowing costs'Gulf Times
(MENAFN - Gulf TimesDubai-headquartered leading jewellery retail chain Joyalukkas has raised a total amount of AED500mn through multiple banking arrangements. Part of this is a $80mn term loan with a ...

 Nov 24 2015 - Qatar Airways named the Best Mideast Airline serving ChinaGulf Times
(MENAFN - Gulf Times) Qatar Airways has been named the Best Middle East Airline serving China, at the 2015 Business Traveller China Awards, picking up the award for the fourth consecutive year."To be ...

 Nov 24 2015 - Qatar banks' loan-deposit ratio hits 115% in October QCB targets 100%Gulf Times
(MENAFN - Gulf Times) Qatar's banking sector witnessed loan-deposit ratio increase to 115% in October against 112% in the previous month; even as the Qatar Central Bank is aiming to limit the ratio ...

 Nov 24 2015 - Qatar brokers reconciliation deal between Libyan tribesGulf Times
(MENAFN - Gulf Times) The Libyan tribes of the Tuareg and Tebu yesterday signed a comprehensive reconciliation agreement under the auspices of HH the Emir Sheikh Tamim bin Hamad al-Thani to put an ...

 Nov 24 2015 - Suicide vest found on Paris street: Did Belgian suspect Abdeslam get cold feetAsia Times
(MENAFN - Asia Times) Salah Abdeslam In Washington the US State Departmentissued a global alert on Monday for Americans planning to travel following the deadly militant attacks in France and ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help