Luxembourg issues euro Sukuk transaction

GMT 10:59 2014 Thursday ,02 October

Arab Today, arab today Luxembourg issues euro Sukuk transaction

Luxembourg Successfully Issues Landmark Sukuk Transaction
Brussels - KUNA

 Luxembourg issued the first euro-denominated Sovereign Sukuk (Islamic bonds) on September 30, "Luxembourg for Finance" web magazine reported on Thursday.
It noted that Luxembourg issued its landmark Sukuk transaction, a 200 million euro, five year Sukuk after the approval of the Sukuk Law on July 20 , 2014.
The Sukuk priced early afternoon London time, at a profit rate of 0,436%, with a final order book more than two times oversubscribed, from a total of 29 accounts placing orders.
In terms of geographic distribution, 61% was placed in the Middle East and North Africa, 20% in Europe and 19% in Asia, whilst allocation by investor type was 50% to Central Banks and Official Institutions, 40% Banks and 10% to asset managers.
Pierre Gramegna, Minister of Finance of Luxembourg said "I am most pleased with the success of this transaction, which illustrates Luxembourgآ’s commitment and expertise as a leading center for Islamic finance in the Eurozone." The Sukuk will be listed and admitted to trading on the Euro market of the Luxembourg Stock Exchange.

Arab Today, arab today
Arab Today, arab today
arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabs, Arab, Arab