03 Jul 2014
HM Treasury Inaugural Sovereign Sukuk Issuance
HM Treasury Inaugural Sovereign Sukuk Issuance - in a landmark transaction, the UK government has issued a sovereign sukuk. This means that Britain has become the first country outside the Islamic world to issue sovereign sukuk. According to the government's official statement, the sukuk maturing in 2019 have been sold to investors based in the UK and in major Islamic finance hubs. Importantly, the profit rate has been set at 2.036% in line with the yield on gilts of similar maturity. (Clifford Chance advised the Structuring Bank and Lead Managers).
Financial Centre : Dubai Law Firm : Clifford Chance Lawyer : Qudeer Latif
Practice Area : Debt Capital Markets Classification : Islamic Finance Sub-classification : Islamic Finance Bonds and Sukuk, Ijara Industry : Public Sector
Advised Party : Lead Managers, Structuring Bank Value USD Equiv : 100.01-500.00M
Issuer Jurisdiction : United Kingdom Listing Jurisdiction : United Kingdom
Editorial
03 Jul 2014 HM Treasury Inaugural Sovereign Sukuk Issuance
HM Treasury Inaugural Sovereign Sukuk Issuance - in a landmark transaction, the UK government has issued a sovereign sukuk. This means that Britain has become the first country outside the Islamic world to issue sovereign sukuk. According to the government's official statement, the sukuk maturing in 2019 have been sold to investors based in the UK and in major Islamic finance hubs. Importantly, the profit rate has been set at 2.036% in line with the yield on gilts of similar maturity. (Clifford Chance advised the Structuring Bank and Lead Managers).
Financial Centre : Dubai
Law Firm : Clifford Chance
Lawyer : Qudeer Latif
Practice Area : Debt Capital Markets
Classification : Islamic Finance
Sub-classification : Islamic Finance Bonds and Sukuk, Ijara
Industry : Public Sector
Advised Party : Lead Managers, Structuring Bank
Value USD Equiv : 100.01-500.00M
Issuer Jurisdiction : United Kingdom
Listing Jurisdiction : United Kingdom