Hong Kong has raised $1bn in its debut Islamic bond issue, the city’s latest move to broaden its markets amid increased competition from rival financial centres.
Its sukuk issue is the first by a AAA-rated government, and attracted almost $5bn in orders. Nearly half the available debt was sold to Asia-based investors while a third went to Middle Eastern funds.
By pricing the five-year sukuk at just 23 basis points over US Treasuries, Hong Kong also achieved the lowest spread for a US dollar bond in Asia excluding Japan.
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