UK’s slow sukuk plan puts Luxembourg in lead

The United Kingdom appears to have conceded defeat to tiny Luxembourg in the race to issue Europe’s first sovereign sukuk, Islamic finance practitioners said this week after it emerged that the UK deal is unlikely before October, writes Dan Alderson.

  • By Dan Alderson
  • 24 Jan 2014

Although the UK government plans to make an announcement on its inaugural deal before July, according to a source with knowledge of the situation, it will look to the fourth quarter to issue. HSBC is frontrunner to arrange the deal, they added.

“If the UK’s October timeframe is ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 13 Jun 2017
1 BNP Paribas 12,133.14 16 4.41%
2 Barclays 11,436.59 16 4.16%
3 Citi 11,407.60 13 4.15%
4 HSBC 10,809.87 15 3.93%
5 UniCredit 9,914.96 13 3.61%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Jun 2017
1 Citi 29,428.61 70 5.96%
2 JPMorgan 28,204.66 71 5.71%
3 HSBC 18,162.74 45 3.68%
4 Deutsche Bank 17,792.83 38 3.60%
5 Bank of America Merrill Lynch 17,688.79 54 3.58%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jun 2017
1 BNP Paribas 24,517.73 45 3.85%
2 JPMorgan 24,215.01 63 3.80%
3 UniCredit 24,061.01 62 3.78%
4 HSBC 23,780.64 71 3.73%
5 Barclays 22,961.67 55 3.60%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 12 Jun 2017
1 JPMorgan 57,598.36 286 3.94%
2 Citi 52,375.29 185 3.58%
3 HSBC 47,349.68 167 3.24%
4 Barclays 43,712.92 125 2.99%
5 Deutsche Bank 39,612.00 149 2.71%