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Allen & Overy Advises On Hong Kong’s Inaugural Sukuk Issuance.

23 September, 2014

 

Allen & Overy has advised HSBC and Standard Chartered Bank as joint global coordinators and bookrunners along with several other bookrunners and co-managers on the USD 1bn sukuk offering by The Government of the Hong Kong Special Administrative Region of the People’s Republic of China, the first Islamic bond issuance by the HKSAR Government. The AAA-rated 5-year trust certificates were offered in a combined Rule 144A/Regulation S transaction to institutional investors internationally.

 

Partner Ken Aboud led on the structuring of the sukuk along with Yvonne Siew who advised on the Hong Kong and English law aspects of the transaction. They were assisted by partners Alexander Stathopoulos  and Matthew Hebburn in other fields.

 

Commenting on the deal, Yvonne Siew said: “This is a landmark transaction for the HKSAR Government which has received strong uptake from a balanced group of investors. We are thrilled to be a part of this significant issuance which is expected to pave the way for further sukuk issuances in Hong Kong.”

 

Ken Aboud said: “We have advised on a number of debut sovereign sukuk issues and are pleased to be involved on this transaction. The response to this deal structure signifies an appetite for Islamic financing options in Hong Kong. It is encouraging to see there is growing interest in developing Islamic finance in Asia.”

 

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