HK moves a step closer to realising sukuk dream

The Hong Kong government is in the process of issuing its highly anticipated maiden Islamic bond, establishing a benchmark for the instrument in the territory and setting the scene for more to come.

Hong Kong has mandated HSBC, Standard Chartered as joint global coordinators, lead managers and bookrunners of the proposed dollar-denominated sukuk offering, according to a Hong Kong Monetary Authority announcement on Thursday. Other joint bookrunners include CIMB and National Bank of Abu Dhabi.

The banks will arrange a series of fixed-income investor meetings in Asia, the Middle East, Europe and the US commencing September 1 for the 144AReg S-registered Islamic bond, added the...