HSBC has won the prize mandate of external adviser to HM Treasury on its work to develop an Islamic bond ahead of an expected syndicate offering in the next two years.

HM Treasury announced this morning that HSBC, alongside law firm Linklaters, had been appointed as external advisers to assist in its work to develop a government sukuk -a shariah-compliant bond. HSBC will provide advice on structure, while Linklaters will provide legal advice on the capital markets, tax, regulatory and real estate implications.