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U.K. Sells Islamic Bonds in First Non-Muslim Sovereign Issue

The U.K. raised 200 million pounds ($339 million) from Islamic bonds, with investors bidding for more than 10 times the amount offered as the nation became the first non-Muslim sovereign issuer of the debt.

The notes maturing on July 22, 2019, were sold at a profit rate of 2.036 percent, offering zero spread to the 1.75 percent gilt due in 2019, according to data on the U.K. Debt Management Office page on Bloomberg. Investors bid for about 2.3 billion pounds of the debt, the Treasury said in a statement.