Islamic Finance

UK invites banks to tender for sukuk syndication services

The United Kingdom on Monday (Jan 20) took another step to issuing its second sovereign sukuk.

The Debt Management Office (DMO) on Monday published an invitation for banks to advise on, market and execute the sukuk syndication.

The banks will work as joint lead managers alongside HSBC that was appointed in November.

Clifford Chance serves as legal advisor for the upcoming sukuk.

DMO said it anticipates that the joint lead managers will include banks with deep and well-developed links to potential investors in one or both of the Middle East and Southeast Asia; and at least one fully Shariah-compliant bank.

The closing date for application is Jan 28 and the expected award date is the week beginning Feb 10.

The contract period is for Feb 10 to Apr 30.

The UK issued its first sovereign sukuk, a five-year £200 million ijarah sale, in 2014. The government announced its intention to issue a second sovereign sukuk in June last year.

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