June 23, 2014 / 8:36 AM / 6 years ago

UK Treasury plans £200m maximum five-year sukuk this week

LONDON, June 23 (IFR) - The UK government plans to issue a maximum £200m five-year sukuk this week, according to a source.

Acting through HM Treasury, the Aa1/AAA/AA+ rated sovereign will market the security via HSBC as structuring bank, together with Barwa Bank, CIMB, National Bank of Abu Dhabi and Standard Chartered Bank.

The deal will be marketed against the reference 1.75% July 2019 Gilt.

Leads met with investors starting on June 17 in Jeddah and Kuala Lumpur, then moved to Riyadh, Dubai, Doha, and Abu Dhabi, ending in London on June 20.

The Sukuk Al-Ijara (head lease and sub-lease) is expected to be this week’s business. (Reporting by Sarka Halas; editing by Alex Chambers)

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