HSBC announced that it has completed the first ever government guaranteed Sukuk in Saudi Arabia for Saudi Arabia's General Authority of Civil Aviation 'GACA'. Raising SR15bn ($4bn) for GACA, the Sukuk achieved a profit rate of 2.5%.
HSBC acted in sole capacity as Lead Manager and Bookrunner, Sukuk Arranger, Shari'ah Coordinator, Sukuk Holders' Agent, and Payment Administrator.
Walid Khoury, CEO of HSBC Saudi Arabia Limited said: "This is a great achievement for GACA, and stands as a testament to the confidence local investors have in this high quality name. Not only did it raise $4bn, but it has done so at a profit rate of just 2.5%. This is only around half a percent more than US treasury notes and less than half the rate some European countries have to pay for their funds."
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