SU KUK ON THE RISE

摘要

In June the bank's subsidiary HSBC Bank Middle East sold $500 million of five-year sukuk priced to yield an expected 3.575 percent. It was the largest s/zan 3a-compliant financing ever arranged by a non-Islamic institution. The deal saved money: At a yield of 15 5 basis points over midswaps, the cost was 15 tfo 20 basis points cheaper than the bank would have paid on a conventional bond issue. The offering also helped HSBC deepen ties with investors in the Gulf, an increasingly important market for the bank.