The Asset Triple A
Islamic Finance Awards 2018 - Best Deals by Country

Asia
Middle East
Asia
Bangladesh
KSRM Billet Industries Limited 6 billion taka syndicated term finance facility
Mandated lead arranger: Standard Chartered
Lenders: Islami Bank Bangladesh, Shahjalal Islami Bank, Social Islami Bank
The first fixed rate syndicated finance facility in local currency in Bangladesh, aimed at restructuring the borrower’s debt profile by restructuring the existing short-term facilities into long-term facilities
Cambodia
Pestech (Cambodia) Limited US$53 million syndicated Islamic financing facilities
Coordinating bank and bookrunner: OCBC Bank (Malaysia)
Mandated lead arrangers: CIMB Bank (Labuan), Oversea-Chinese Banking Corporation (Labuan)
The deal broke new ground for Islamic finance in a frontier market that could be a catalyst for more in Indochina
China
Beijing Enterprise Water Group 400 million ringgit wakala sukuk
Shariah advisers: CIMB Islamic Bank, Maybank Islamic Bank
Principal advisers, lead arrangers, bookrunners and lead managers: CIMB Investment Bank, Maybank Investment Bank
Lead managers: Affin Hwang Investment Bank, ICBC (Malaysia), RHB Investment Bank
The deal was the issuer’s first ever debt capital market instrument, providing diversification of funding sources and the first ringgit-denominated sukuk by a China-owned company for water infrastructure funding
Hong Kong
Government of Hong Kong US$1 billion trust certificates
Shariah advisers: CIMB Islamic Bank, First Abu Dhabi Bank, HSBC Saudi Arabia, Standard Chartered
Global coordinators: HSBC, Standard Chartered
Bookrunners and lead managers: CIMB Investment Bank, HSBC, First Abu Dhabi Bank, Standard Chartered
This was a landmark transaction since Hong Kong was the first AAA-rated sovereign to launch a sukuk with a 10-year tenor, thus attracting a more diverse base of investors
Indonesia
XL Axiata 2.18 trillion rupiah ijara sukuk
Shariah advisers: CIMB Islamic Bank, Prof Dr H Fathurrahman Djamil
Lead underwriters: CIMB Sekuritas, DBS Vickers Sekuritas Indonesia, IndoPremier Sekuritas, Mandiri Sekuritas, Maybank Kim Eng
The issuance was the largest rupiah-denominated corporate ijara sukuk in Indonesia for the year-to-date, garnering strong local demand from insurance companies, banks, securities houses and mutual funds, resulting in full take-up of the issued amount
Malaysia
Tadau Energy 250 million ringgit green sukuk
Principal adviser, lead arranger and lead manager: Affin Hwang Investment Bank
This is the world’s first green sukuk and Malaysia’s first large scale solar power plant to successfully tapped into the Islamic capital market and issued under the SRI framework of the Securities Commission Malaysia
Pakistan
Islamic Republic of Pakistan US$1 billion ijara sukuk
Shariah advisers: Citi, Deutsche Bank, Dubai Islamic Bank, Noor Bank, Standard Chartered
Lead managers: Citi, Deutsche Bank, Dubai Islamic Bank, Industrial and Commercial Bank of China, Noor Bank, Standard Chartered
The deal is aimed at meeting the country’s underlying funding requirement and to showcase its improved credit fundamentals to the global investor community
Middle East
Bahrain
Al Baraka Banking Group US$400 million additional tier 1 perpetual mudaraba sukuk
Shariah advisers: Dubai Islamic Bank, KFH Capital, Noor Bank, QInvest, Standard Chartered
Global coordinator: Standard Chartered
Lead managers: Arab Banking Corporation, Dubai Islamic Bank, Emirates NBD, KFH Capital, Noor Bank, QInvest, Standard Chartered
This was the first additional tier 1 US dollar sukuk from Bahrain and the first international hybrid capital issuance from a non-investment grade issuer in the Gulf Cooperation Council region
Kuwait
Equate Petrochemical Company US$500 million ijara and murabaha sukuk
Global coordinators: Citi, HSBC Bank, J.P. Morgan Securities, KFH Capital Investment Company, NBK Capital
Bookrunners and lead managers: Citi, First Abu Dhabi Bank, HSBC Bank, J.P. Morgan Securities, KFH Capital Investment Company, Mizuho International, MUFG Securities EMEA, NBK Capital, SMBC Nikko Capital Markets
The first ever corporate sukuk issuance out of Kuwait and the issuer’s debut in the international Islamic capital markets
Oman
Mazoon Electricity Company US$500 million ijara sukuk
Lead managers: Bank Muscat, First Abu Dhabi Bank, J.P. Morgan Securities, KFH Capital Investment Company
The inaugural benchmark corporate sukuk offering from Oman, generating the largest oversubscription for any transaction from the country
Qatar
Qatar Islamic Bank US$750 million trust certificates
Shariah advisers: HSBC Saudi Arabia, Qatar Islamic Bank, QInvest, Standard Chartered
Arrangers and lead managers: Citi, Emirates NBD Capital, HSBC, Noor Bank, QInvest, Standard Chartered
The first financial institution sukuk from Qatar-based issuer in 2017 and the transaction was successfully priced with a negative new issue concession when accounting for curve extension
Saudi Arabia
Kingdom of Saudi Arabia US$9 billion dual tranche sukuk
Global coordinators: Citi, HSBC, J.P. Morgan
Bookrunners: BNP Paribas, Citi, Deutsche Bank, HSBC, J.P. Morgan, NCB Capital
The first sovereign sukuk by the Kingdom of Saudi Arabia and the largest sukuk issuance globally. The structure allows the issuer to use a mudaraba module to invest 51% or more of the sukuk proceeds in certain commercial enterprises
Turkey
Republic of Turkey US$1.25 billion lease certificates
Shariah advisers: Dubai Islamic Bank, HSBC Saudi Arabia, Standard Chartered
Bookrunners and lead managers: Dubai Islamic Bank, HSBC, Standard Chartered
Deal was upsized from the original target of US$1 billion due to strong and well-diversified investor response, and the sukuk was priced flat to Turkey’s conventional bond curve
United Arab Emirates
Damac Real Estate Development Limited US$500 million sukuk and tender offer on 2019 sukuk
Global coordinators: HSBC Bank, Merrill Lynch International
Bookrunners and lead managers: Emirates NBD, HSBC Bank, Merrill Lynch International, VTB Capital
The deal attracted robust and well-diversified demand and the liability management exercise was the company’s first tender offer involving its US$650 million 2019 sukuk
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