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

N&A, S&C, TMI advise as Japan's Nidec makes $1.6 bln bid for Makino Milling

TMI Associates, Freshfields and Davis Polk & Wardwell have represented Japanese manufacturing giant Nidec on its 257-billion-yen ($1.6 billion) bid for Makino Milling Machine, which turned to Nishimura & Asahi and Sullivan & Cromwell for advice.

N&A, MHM, Skadden, STB guide JX Advanced Metal’s $3 bln Japan IPO

by Nimitt Dixit |

Nishimura & Asahi and Skadden Arps Slate Meagher & Flom are advising JX Advanced Metals on its upcoming 460-billion-yen ($3 billion) initial public offering, the largest listing in Japan since SoftBank Corp’s $23.5 billion IPO in 2018.

Trilegal, Touchstone, CAM act on Carlyle’s $400 mln entry into India auto-components space

by Nimitt Dixit |

Trilegal has advised global private equity firm Carlyle on its acquisition of majority stakes in Highway Industries (HIL) and Roop Automotives for $400 million, marking its entry into India's auto components sector through a new manufacturing platform.