Monday, February 23, 2009

Airport Authority HK revives Islamic bond plan

Airport Authority Hong Kong, which runs Asia's third-busiest airfield, is reviving plans to sell Islamic bonds after the global credit crisis battered investors and curbed demand for Shariah compliant debt, reports Bloomberg.
"Unfortunately we were held back by market conditions," Treasurer Sam Kwok said at a conference in Hong Kong on Feb 18. "We are looking at embarking on another round of expansion and we will be needing some money. We hope to do something in this arena as soon as possible."
The report added that the authority planned to sell as much as US$1 billion of Islamic bonds with help from Citigroup Inc and HSBC Holdings Plc in Hong Kong's first sale of the securities, known as sukuk, the South China Morning Post reported in June.

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