Hong Kong's first Islamic bond raises $1bn

Hong Kong's Central district

Hong Kong has issued $1 billion of sukuk – the Islamic equivalent of bonds – at a price the Hong Kong Monetary Authority (HKMA) said would "set an important new benchmark" for the whole of Asia.

The five-year sukuk was priced at 2.005%, just 23 basis points above five-year US Treasuries, which the HKMA noted was the "tightest spread ever achieved" on a benchmark dollar issuance from an Asian government outside of Japan.

The sukuk issued on September 11 was almost five times oversubscribed, after

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