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
 Jun 30 2016 - Iraq's oil exports to drop in JuneMENAFN
(MENAFN) Iraq's oil exports will drop in June for a second month, while supply growth from OPEC's second-largest producer is slowing in this recent year.Additionally, Iraq's southern exports in the ...

 Jun 30 2016 - Istanbul gathers to donate blood to wounded after terrorist attackDaily News Egypt
(MENAFN - Daily News Egypt) People in Istanbul are becoming accustomed to terrorist attacks, but finding a way to cope hardly makes it better, reports Anna Lekas Miller. Even though it is the middle ...

 Jun 30 2016 - Germany seeking to boost investment in GreeceDaily News Egypt
(MENAFN - Daily News Egypt) Germany’s Vice Chancellor Sigmar Gabriel is embarking on a three-day trip to Greece, where he is expected to focus on intensifying bilateral trade and investment ...

 Jun 30 2016 - Smoke on EgyptAir flight before crash, black box showsDaily News Egypt
(MENAFN - Daily News Egypt) Authorities investigating last month’s EgyptAir crash say data from one of the black boxes confirms smoke was on board the plane before it went down. Some recovered ...

 Jun 30 2016 - Egypt- In Pictures: Students protest exam delays at Press SyndicateDaily News Egypt
(MENAFN - Daily News Egypt) ...

 Jun 30 2016 - Egypt- 30 June and onwards: how Al-Sisi lured in supportersDaily News Egypt
(MENAFN - Daily News Egypt) Since his appointment as Minister of Defence on 12 August 2012, the popularity of Abdel Fattah Al-Sisi has been an interesting political phenomenon. There were strong ...

 Jun 30 2016 - Egypt- How the revolution's activists were alienated after 30 JuneDaily News Egypt
(MENAFN - Daily News Egypt) The boiling summer of 2013 was not only searing in temperature, but also in spirits, as the 30 June uprising ended with the ousting an Islamist regime and the reformation ...

 Jun 30 2016 - Tunisia's inflation rate to grow at 3.6 percentMENAFN
(MENAFN) Tunisia's inflation will slightly increase from Q3 of this year to an average of 3.6 percent via 2016 and 4.2 percent in 2017.Moreover, distribution channels, inflation of fresh food is ...

 Jun 30 2016 - American Channel PBS to Air Documentary About Morocco on July 10Morocco World News
(MENAFN - Morocco World News) A multi-part documentary where three musical friends travel 10 Moroccan cities in 15 days exploring the country''s historical musical influences will air on PBS’ ...

 Jun 30 2016 - Morocco- HappyNass: A Moroccan Non-Profit Distributes Food to the Poor for IftarMorocco World News
(MENAFN - Morocco World News) In a program called “Ftouri Ftourek,'' meaning ''my breakfast is your breakfast,'' the Casablanca-based non-profit collects and distributes basic Iftar food items ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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