HK gears up for debut Islamic bond
Hong Kong, July 5, 2014
Hong Kong has mandated HSBC, Standard Chartered, CIMB Group Holdings and National Bank of Abu Dhabi to arrange its first Islamic bond issue, IFR has reported.
The Hong Kong Monetary Authority is handling the deal, which is expected in September.
The sukuk, is expected to raise between $500 million and $1 billion. It will likely have a tenor of five years and will be targeted at global institutional investors, Peter Pang, HKMA deputy chief executive, said in April.
Hong Kong legislators passed a tax bill in late March to allow sukuk sales.-Reuters