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Hong Kong Sukuk 2027
Summary
SPV Name:
Hong Kong Sukuk 2017 Limited
Notes:
Order book of $1.72 billion. Following a global roadshow commencing on 13 February 2017, covering Riyadh, Jeddah, Dubai, Abu Dhabi, Kuala Lumpur, Singapore, Hong Kong and London, the Reg S USD Sukuk was priced on 21 February 2017 at 3.132% (68 basis points over 10-year US Treasuries). The deal attracted interest from a diverse group of conventional and Islamic investors. Orders were received from over 88 global institutional investors, and 57% of the Sukuk was distributed to Asia, 25% to the Middle East and 18% to Europe. By investor type, 53% was distributed to banks, 36% to fund managers, private banks and insurance companies, and 11% to sovereign wealth funds, central banks and supranationals. The 10-year tenor has also attracted new investors, with over half of them not having participated in the previous issuances.the Sukuk uses a Wakalah structure, with one-third of assets underpinned by selected units in commercial properties in Hong Kong, and two-thirds of assets underpinned by shariah-compliant commodities.
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