HSBC Says Gulf Surge to Drive 2013 Sukuk Record: Islamic Finance
18 Feb 2013 08:24 GMT
 
Global Islamic bond sales are set to surpass the 2012 record as Persian Gulf issuers take the lead to tap borrowing costs that tumbled in the past yea (more)

Global Islamic bond sales are set to surpass the 2012 record as Persian Gulf issuers take the lead to tap borrowing costs that tumbled in the past year, according to HSBC Holdings Plc, last year's top sukuk underwriter.

Sales in the six-nation Gulf Cooperation Council will surge to between $30 billion and $35 billion in 2013, Mohammed Dawood, Dubai-based managing director of debt capital markets at HSBC Amanah, said in an interview. That's up as much as 64 percent from last year. The government of Dubai kicked off sovereign sukuk sales last month with $750 million of 10-year Islamic notes after its borrowing costs dropped 40 percent.

"We will see a number of new issuers in the region who have now actually taken a hard look at this and said "˜okay look this makes a lot of sense for us,'" Dawood said Feb. 7. ""˜Not only can we get the size, can we get the tenure, but potentially from a pricing perspective, there is a real cost saving and there is a cost benefit.'"


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