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
 Dec 7 2016 - Qatar- Armed groups take control of Libyan town of Ben Jawad, close to major oil portsThe Peninsula
(MENAFN - The Peninsula) BENGHAZI, Libya: Armed groups took control on Wednesday of the Libyan town of Ben Jawad, close to some of Libya's major eastern oil ports, security officials said. Miftah ...

 Dec 7 2016 - Israeli missiles hit near airbase outside Damascus: Syria mediaThe Peninsula
(MENAFN - The Peninsula) Damascus: Several Israeli missiles struck the notorious Mazzeh airbase outside Damascus overnight without causing any casualties, Syrian state media reported on Wednesday. ...

 Dec 7 2016 - Turkey says pushing Aleppo talks between Russia, Syria oppositionThe Peninsula
(MENAFN - The Peninsula) Moscow:Ankara is doing "everything possible" to facilitate negotiations between Moscow and Syrian opposition groups to halt the bloodshed in Aleppo, Turkey's ...

 Dec 7 2016 - Syria rebels call for Aleppo truce, civilian evacuationThe Peninsula
(MENAFN - The Peninsula) Aleppo, Syria:Syrian rebels in Aleppo city called Wednesday for an immediate five-day truce and the evacuation of civilians to other opposition-held territory in the northern ...

 Dec 7 2016 - Arab Palestinian Investment Company - APIC Achieves Net Profits of USD6.28 Million in the First Half of 2016MENAFN Press
(MENAFN Press) Tarek Aggad, Chairman and CEO of Arab Palestinian Investment Company - APIC, said that the group achieved net profits after tax of USD6.28 million. Net profit attributed to APIC's ...

 Dec 7 2016 - The Dubai Summer Pass: City Entertainment Offer Proves a Great SuccessMENAFN Press
(MENAFN Press) Now in its 18th year, the "Dubai Summer Surprises" campaign is the highlight of the city's summer calendar, with events and activities for the whole family. As part of this campaign ...

 Dec 7 2016 - Kuwait- His Highness the Amir thanks Bahraini King on warm hospitalityKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Dec 7 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah has cabled Bahrain's King Hamad bin Isa Al-Khalifa expressing deep gratitude ...

 Dec 7 2016 - Greenback slide resumes on disappointing Fed minutes Japan’s verbal intervention falling on deaf earsMENAFN Press
(MENAFN Press) Dollar bulls were clearly uninspired by July’s Federal Reserve’s minutes released on Wednesday as participants remained divided over when to move interest rates. According to the ...

 Dec 7 2016 - Kuwait- His Highness the Amir departs BahrainKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) MANAMA, Dec 7 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, along with his official delegation, departed the Kingdom of Bahrain on ...

 Dec 7 2016 - Kuwait insists on plan to provide 15 pct of energy out of renewable energyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) AMMAN, Dec 7 (KUNA) -- The State of Kuwait is resolved to go ahead with its strategy to provide 15 percent of its energy needs out of renewable energy by 2030, an ...

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

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