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On 30 September, the Grand Duchy of
Luxembourg, rated Aaa/AAA/AAA (stable), successfully
issued its landmark Sukuk transaction, a €200
million EUR, 5 year Sukuk, the first ever EMU Sovereign to issue in the
Sukuk format.
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On 26 September, the rating agency
Standard & Poor's (S&P) reaffirmed the "AAA" rating of
the Grand Duchy of Luxembourg with 'Stable' outlook. Luxembourg continues
to benefit from the best rating from the three major rating agencies:
S&P, Moody's and Fitch.
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The People's Bank of China announced
the designation of ICBC as the Renminbi clearing bank in Luxembourg. This
designation follows the signing of a Memorandum of Understanding between
PBOC and the Central Bank of Luxembourg on 28 June 2014.
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According to the latest Global
Financial Centres Index, Luxembourg ranks 15th and is thus the leading
financial centre in the Eurozone. Luxembourg is followed by Frankfurt,
Dubai and Montreal. Like last year, Luxembourg is also the only European
financial centre likely to become more significant in the future,
following Casablanca, Shanghai, Singapore and Hong Kong.
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On 23 September, the LuxSE listed and
admitted to trading a debut sukuk by Goldman Sachs. The sukuk was issued
via a special purpose vehicle named JANY Sukuk Company with Goldman Sachs
Group acting as guarantor of the issue. This issue invests in
Sharia-compliant commodities and comprises USD 500 million of trust
certificates that come to term after five years, with distribution
payments semi-annually.
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Opening of the
Luxembourg Freeport
Inaugurated on September 17, the
Luxembourg Freeport is a state-of-the-art storing facility designed to
store valuable goods like artworks, wine, precious metals or collector’s
cars. Located next to the Luxembourg airport, the Freeport will enable
customers to use the facility through freight forwarders, who will act
like their intermediate tenants.
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Renminbi volumes
in Luxembourg continue to increase
New figures published by Luxembourg
for Finance reveal a continuing increase in international renminbi
business volumes in Luxembourg. The pool of RMB deposits held by banks in
Luxembourg climbed up to 67.2 RMB bn in H1 2014, compared to 64.0 RMB bn
in H2 2013.
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