Thursday, April 19, 2007

HSBC’s Saudi investor to raise $5bn

From Simeon Kerr and Roula Khalaf at Financial Times

Maan Abdulwahed al-Sanea, the Saudi tycoon who has just amassed a 3.1% stake in HSBC, is seeking to raise $5bn in bonds, including sukuk trust certificates that comply with Islamic law, Saad Group, his conglomerate, said on Wednesday. The company has a vast investment portfolio and interests in real estate ... The Saad Group’s issuance forms part of a surge in regional firms tapping Islamic debt markets to fund expansion. Gulf investors, awash with petrodollars, are chasing these offerings, but international investors are increasingly interested in the regional sukuk offerings.

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