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Dubai Said to Hire HSBC, StanChart for $1 Billion Sukuk

Published: 21/01/2013 08:24:13 PM GMT
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Dubai's government may raise more than $1 billion from a planned sale of Islamic bonds and has mandated five banks including HSBC Holdings Plc (HSBA) (more)

Dubai's government may raise more than $1 billion from a planned sale of Islamic bonds and has mandated five banks including HSBC Holdings Plc (HSBA) for the offering, according to two people familiar with the deal.

Standard Chartered Plc (STAN), Emirates NBD PJSC (EMIRATES), Dubai Islamic Bank PJSC (DIB) and National Bank of Abu Dhabi PJSC have also been hired for the sale of sukuk, the people said, asking not to be identified because the information is private. A sale may start as soon as tomorrow, according to one of the bankers. Reuters reported the story earlier today.

The planned issuance will be the first sovereign sukuk sale in the six-nation Gulf Cooperation Council this year, according to data compiled by Bloomberg. Sales of bonds that comply with Islam's ban on interest surged to a record $21 billion in the region last year as borrowing costs plunged. The yield on Dubai's 6.396 percent sukuk due in 2014 tumbled 344 basis points, or 3.44 percentage points, last year to 2.13 percent, the data show.


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