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HSBC Middle East eyeing Islamic bond issue – IFR

HSBC ME may join the ranks of Sharjah Islamic Bank and Islamic Devt Bank as it looks at potential sukuk issue, after having raised $500 million from a 5-year bond issue in October 2010.

May 24, 2011 9:58 by

HSBC Middle East will meet investors in Asia and Europe this week ahead of a potential Islamic bond, or sukuk, issue, IFR Markets reported.

Investor meetings will take place in Singapore, Kuala Lumpur, Hong Kong and London, and a sukuk issue is likely to price this week, IFR, a Thomson Reuters unit reported.

In October, HSBC Middle East raised $500 million from a five-year bond issue.

Last week, Sharjah Islamic Bank and Islamic Development Bank (IDB) both issued sukuk, opening up the regional Islamic bond market which has been subdued for months. (Reporting by Rachna Uppal; Editing by Dinesh Nair)

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