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Hong Kong Raises $1 Billion in Debut Islamic Bond Issue

Hong Kong sold $1 billion of sovereign Islamic bonds in its first-ever issue of the securities, attracting orders for 4.7 times the amount on offer.

The dollar-denominated five-year notes were priced at a 2.005 percent profit rate, according to a statement on the government’s website today. The U.K., which along with Hong Kong is rated the highest investment grade, sold sukuk for the first time in June at a coupon of 2.036 percent. Those notes yielded 1.75 percent today, data compiled by Bloomberg show.