The Asset Triple A
Islamic Finance Awards 2017 - Best Deals by Country

Asia
Middle East
Asia
Bangladesh
Noman Group US$32 million diminishing musharaka and ijara syndicated term finance facility
Mandated lead arranger: Standard Chartered
Co-arranger: Islamic Corporation for the Development of the Private Sector
The deal represented Ismail Spinning’s first syndicated facility structured on a Shariah-compliant basis and enabled the company to diversify its investor base by attracting new banking relationships from overseas
Indonesia
Tiga Pilar Sejahtera Food 1.2 trillion rupiah ijara sukuk
Joint lead underwriters: Danareksa Sekuritas, Indo Premier Securities, Mandiri Sekuritas, Maybank Kim Eng, OCBC Sekuritas Indonesia
The transaction was the largest rupiah-denominated corporate sukuk issuance in Indonesia in 2016 and generated a strong demand from insurance companies, banks, securities houses and mutual funds.
Malaysia
Government of Malaysia US$1.5 billion dual-tranche trust certificates
Joint bookrunners and lead managers: CIMB Investment Bank, HSBC, J.P. Morgan, Maybank Kim Eng
This was the first time a sovereign has accessed the sukuk market without utilizing physical assets such as land and building or commodity murabaha
Pakistan
Islamic Republic of Pakistan US$1 billion ijara sukuk
Joint bookrunners and lead managers: Citi, Deutsche Bank, Dubai Islamic Bank, Noor Bank, Standard Chartered
• The transaction secured the lowest pricing ever by Pakistan, which paid no new issue concession, resulting in the sovereign reducing its funding cost
Singapore
RB Capital S$260 million Islamic financing
Arranger: Maybank
The deal is one of the largest Islamic financing deal in Singapore and it involved the 442-room Holiday Inn Express Singapore Clarke Quay as the underlying security
Turkey
Republic of Turkey US$1 billion ijara sukuk
Joint bookrunners and lead managers: Emirates NBD Capital, HSBC, Standard Chartered
The deal achieved the sovereign’s targeted objectives of diversifying its funding sources, attracting new and Islamic investors, tighter pricing and establishing liquidity in the sukuk curve
Middle East
Bahrain
Kingdom of Bahrain US$1 billion ijara sukuk
Joint lead managers: Bank ABC, BNP Paribas, Credit Suisse, J.P. Morgan Securities, Standard Chartered
The largest issuance size by Bahrain, either in sukuk or conventional bond format and enabled the sovereign to diversify its sources of funding
Kuwait
Boubyan Bank US$250 million additional tier 1 perpetual sukuk
Joint global coordinators: Boubyan Capital, HSBC, Standard Chartered
Joint bookrunners and lead managers: Boubyan Capital, Dubai Islamic Bank, Emirates NBD Capital, HSBC, KFH Capital, National Bank of Kuwait, Standard Chartered
This was Boubyan Bank’s inaugural offering in the international debt capital markets and the first sukuk from Kuwait since 2007. This was the first ever sukuk by a Kuwait bank and the first US dollar denominated public tier 1 sukuk issue, which is fully compliant with Basel III
Oman
Sultanate of Oman US$500 million private placement ijara sukuk
Placement agent: Standard Chartered
The inaugural international sukuk from the Sultanate of Oman was fully placed with Islamic investors – thus diversifying the sovereign’s investor base – and opened up an additional avenue for prospective Omani issuers to raise funds from the international debt capital markets
Qatar
Ezdan Holdings US$500 million wakala / murabaha sukuk
Joint lead managers: Abu Dhabi Islamic Bank, Barwa Bank, Emirates NBD Capital, HSBC, Mashreq Bank, Qatar First Bank, QInvest
The first ever international capital markets issuance by a private sector Qatari corporate combines the customary wakala structure with a murabaha transaction
Saudi Arabia
Islamic Corporation for the Development of the Private Sector US$300 million wakala sukuk
Joint lead managers: Bank ABC, Boubyan Bank, CIMB Investment Bank, Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, HSBC, Noor Bank, Societe Generale, Standard Chartered, Warba Capital
The first public issuance for ICD and was priced 20bp inside the secondary market levels for comparably-rated GCC credits. It attracted new investors and established a benchmark for ICD’s future issuances in the public and private markets
United Arab Emirates
Etihad Airways US$1.5 billion wakala sukuk
Joint arrangers: HSBC, J.P. Morgan, First Abu Dhabi Bank
Joint bookrunners and lead managers: Abu Dhabi Islamic Bank, Dubai Islamic Bank, First Gulf Bank, HSBC, J.P. Morgan, First Abu Dhabi Bank
The first ever debt capital markets transaction by Etihad and the largest capital markets issuance from the aviation sector in the MENA region