Hong Kong government’s USD1 billion Sukuk wins awards
The Hong Kong government’s inaugural Sukuk under the Government bond programme has won the following awards – Best Islamic Financing Deal of the Year in FinanceAsia Achievement Awards and Best Sovereign Bond in GlobalCapital Asia/Asiamoney Regional Capital Markets Awards.
A cross-border team from global legal practice Norton Rose Fulbright advised the Government of the Hong Kong Special Administrative Region of the People’s Republic of China on the USD1 billion 5-year Sukuk.
This was the first Sukuk issued by the Government of the HKSAR Government and the first issuance under recently implemented Sukuk legislation in Hong Kong. The Sukuk, with an issuance size of USD1 billion and a tenor of five years, marks the world’s first USD denominated Sukuk originated by an AAA-rated government.
Gregory Man, debt capital markets partner in the Dubai office of Norton Rose Fulbright, commented, “The transaction represents a landmark transaction both for Hong Kong as well as for the Islamic finance industry in general. The success of the transaction is a testament to the legislative changes which have been made to accommodate Islamic finance in Hong Kong and demonstrates Hong Kong’s credentials as a potential global Islamic financial centre”
