The first visit to the capital market for the TNB parent company in almost two decades, the dual-tranche transaction was issued in July and comprised a 15-year RM500 million (US$116 million) tranche and a 20-year RM1.5 billion (US$349.5 million) tranche, achieving prices
Islamic financing isn’t all about Sukuk – commercial finance also plays a large part and bank loans are one of the biggest segments in the Islamic debt sector. In August, Omani utilities firm Majan Electricity kickstarted its plan to raise US$2
Following on from our cover story this month highlighting the expansive opportunities for Islamic structures in financing healthcare development, our case study explores a successful syndicated financing transaction for a major healthcare developer. The syndicated financing of AED370 million (US$100 million) was
In July, Chinese conglomerate Beijing Enterprise Water Group Malaysia (BEWG(M)) tapped the Malaysian Sukuk market for a debut RM400 million (US$93.4 million) issuance to fund a new project in the state of Terengganu, in a clear indication of the maturity of the
In June 2017 Malaysian real estate developer Rukun Juang privately placed Islamic floating-rate notes (FRN) worth RM993 million (US$232.06 million) through a short-term Sukuk facility that demonstrates the versatility and accessibility of Islamic fund-raising options. The facility, which is guaranteed by Rukun
Market-leading Malaysian telecoms firm Digi Telecommunications launched its first ever Islamic issuance in May 2017 to an eager market, with the oversubscribed paper demonstrating the robust appetite for high quality investment-grade names in a market keen for diversification. The debut RM900 million
In April 2017, leading Dubai property group DAMAC Real Estate Investments priced a US$500 million five-year Sukuk issuance at par with a 6.25% profit rate, in a complex deal that illustrates just how versatile Shariah compliant contracts can be in meeting the
On the 3rd May Malaysian energy giant YTL Power closed its latest Islamic deal – a RM2.5 billion (US$576 million) 10-year Sukuk, maturing in 2027 and priced at a satisfactory 5.05%. The transaction marks the growing demand for power in Malaysia, a
On the 4th May the UAE’s DAMAC Properties rang the bell to celebrate the listing of its US$500 million Sukuk on Nasdaq Dubai, in a step to support its latest drive towards luxury real estate development. The transaction brings the total value
Malaysia’s Malakoff Corporation (MCB), a water and power producer and a stalwart Sukuk issuer, has returned once again to the debt capital market through subsidiary Tanjung Bin Energy (TBE) to demonstrate the versatility of Islamic debt instruments for financing and refinancing purposes.
On the 7th April Indonesian telecoms firm XL Axiata successfully launched the second tranche of its Sukuk program with a lease-based (Ijarah) issuance of IDR2.18 trillion (US$164 million) after a positive book-building process. The issuance received the highest possible rating of ‘AAA(idn)’
After a four-year hiatus, Dubai’s Emaar Properties returned to the international debt market at the end of 2016 in a triumphant comeback that displayed the strength of appetite for Shariah paper and the ability of Islamic instruments to fund large-scale business activities.
The Africa Finance Corporation (AFC) in January 2017 became the first African corporate to issue Sukuk – the highest ever from an African entity; successfully demonstrating the accessibility and appeal of Islamic financing for emerging market entities. The issuance was based on
This month Kuwait’s EQUATE Group became one of the first GCC corporates to tap the Islamic capital market in an exceptionally successful issuance that should open the floodgates for corporate issuance in Kuwait after it introduced new Islamic bond regulations in 2016.
In the fourth quarter of 2016 Abu Dhabi national carrier Etihad raised US$1.5 billion in the largest ever aviation and corporate issuance in the MENA region. For a debut issuance, the investor reception was outstanding – especially for a privately-placed transaction. We
Bahrain recently issued US$1 billion-worth of trust certificates in the global Sukuk market in a bid to plug its widening budget deficit, with response that far exceeded its expectations amid a backdrop of falling commodity prices — showing just how attractive Islamic
BRI Syariah, one of Indonesia’s leading Shariah compliant banks and subsidiary of Bank Rakyat Indonesia, recently tapped the Islamic capital market with a IDR1 trillion (US$73.8 million) subordinated Islamic issuance to enhance its capital structure and deepen the Indonesian corporate Sukuk market
In its first foray onto the international debt capital market for over a decade, Malaysia’s state utility firm Tenaga Nasional (TNB) in October 2016 issued a US$750 million Islamic bond to overwhelming demand. The 10-year US dollar-denominated Sukuk was based on an
Malaysian sovereign wealth fund Khazanah Nasional recently reaffirmed its status as a debt capital markets innovator, with a groundbreaking new US$389.8 million Sukuk facility uniquely designed to be exchanged into its holding of ordinary shares in Beijing Enterprises Water Group (BEWG), in
Sharjah Islamic Bank (SIB) returned to the capital market last month with a benchmark-sized US$550 million five-year Islamic bond that was more than three times oversubscribed with exceptionally tight pricing, shining a spotlight on the favorable conditions for high-grade paper in the