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HSBC MidEast sells $500 mln 5-yr Islamic bond

HSBC seeks to tap demand for Islamic debt; Sukuk priced in line with guidance


May 29, 2011 9:44 by

HSBC’s Middle East unit priced a $500 million Islamic bond on Thursday at 155 basis points above midswaps, carrying a maturity of five years.

The Islamic bond, or sukuk, yielding 3.575 per cent, saw regional investors taking up 58 per cent of orders, followed by Asian investors with 29 per cent.

Banks constituted 61 per cent of orders by investor type, while orders were split 55 per cent and 45 pe rcent by conventional and Islamic investors respectively.

“As an issuer within the broader HSBC group we are very focussed on diversification of stable funding,” said Georges Elhedery, co-Head of Global Markets for the MENA region said in a statement.

“The pricing, size and tenor are all in line with our expectations and form a valuable component of our funding.”

HSBC Middle East, a subsidiary of the UK-based lender, held roadshows last week in Asia, the Middle East and London gauge sentiment for a five-year Islamic bond, or sukuk as the lender looks to tap demand for Islamic paper.

In October last year, HSBC Middle East raised $500 million from a conventional 5-year bond issue at 3 per cent. (Reporting by Rachna Uppal; Editing by Dinesh Nair)


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