Skip to main content

Allen & Overy and Linklaters have advised on the Hong Kong government’s issuance of sukuk, or Islamic bonds, which raised $1 billion.

The issuance is the second time the Hong Kong government has tapped the Islamic finance market, after it raised $1 billion from its inaugural sukuk issuance last September.

Allen & Overy represented the Hong Kong government on the issuance, with a team led by capital markets partners Yvonne Siew in Hong Kong and Ken Aboud in Singapore.

A Linklaters team led by Hong Kong partners Andrew Malcolm and Kevin Wong advised the joint bookrunners and joint lead managers, which included HSBC, Standard Chartered, CIMB and the National Bank of Abu Dhabi.

“This was the first issuance of sukuk using a wakalah structure out of Hong Kong and needed to be structured carefully to ensure the correct tax treatment under Hong Kong regulations, while continuing to comply with Shariah principles,” said Linkaters’ Wong, in a statement.

Related Articles

R&T guides VietJet on historic $8 bln aviation deal

by Nimitt Dixit |

Singapore’s Rajah & Tann has advised Vietnam's VietJet Air on reaffirmation of its $8 billion deal with CFM International to acquire over 400 CFM advanced Leap 1B Aircraft Engines.

Davis Polk, Gibson Dunn advise on $2.3 bln Nippon Paint-AOC deal

Davis Polk & Wardwell has advised Japanese paint manufacturer Nippon Paint on its $2.3 billion acquisition of U.S. chemicals formulator AOC from Lone Star Funds, which was represented by Gibson, Dunn & Crutcher.

Stephenson Harwood, Links advise on $349 mln SG-UK taxi deal

Stephenson Harwood has advised Singaporean transport operator ComfortDelGro on its 269-million-pound ($349 million) acquisition of the British private hire cab and courier company Addison Lee, whose shareholders were represented by Linklaters.