NEWS ANALYSIS: HSBC expects Islamic bond market sales will surpass record
According to HSBC, global Islamic bond sales are set to surpass sales from 2012 by 64%. Mohammed Dawood, Dubai-based MD of debt capital markets at HSBC Amanah, says that sales in the six-nation GCC will surge to between $30bn and $35bn this year. The Dubai government kicked off sovereign sukuk sales last month with $750m of 10-year Islamic notes after its borrowing costs fell 40%. Standard and Poor’s estimates show that Islamic financial assets will double by 2015 to $3-trillion.