The joint lead managers on the issuances of USD800m 10-year sustainability Sukuk due 2031 and USD500m 30-year Sukuk due 2051 by the Government of Malaysia. This transaction marked the world’s first sovereign U.S. dollar sustainability Sukuk and the first Sukuk issued by the Government of Malaysia since 2016.
The joint lead managers on the dual-tranche Sukuk offerings of USD400m five-year Sukuk and USD600m 10-year Sukuk issued by Khazanah Nasional Berhad through an SPV. This transaction represented the return of Malaysia’s sovereign wealth fund to the international US dollar Sukuk market, with its last US dollar Sukuk issuance in 2016.
The Republic of Indonesia on its USD3.25 bn global Sukuk issuance comprising of USD1.75 bn 5-year and USD 1.5 bn 10-year (Green) Reg S/144A Sukuk tranches, each of which were based on the Shariah principles of Wakala. The dual Sukuk offerings were listed on the Singapore Exchange Securities Trading Limited and NASDAQ Dubai. This marked the first ever higher Sharia authority approved Sukuk from an APAC issuer and the largest global sukuk ever issued by the Republic of Indonesia.
Hong Kong Special Administrative Region Government on its issue of standalone Reg S USD1bn trust certificates due 2027. This was the third sukuk issuance from Hong Kong, and formed part of the country’s efforts to stimulate the Islamic finance market.
The joint lead managers on the establishment of Telekom Malaysia’s Reg S USD750m Multicurrency Sukuk Programme. The sukuk employed an innovative Wakalah structure with the underlying assets comprising of vouchers representing (1) minutes of airtime on Telekom Malaysia’s mobile fixed telecommunications network or (2) a specified number of units of high speed broadband services on Telekom Malaysia’s telecommunications network; as well as a commodity Murabahah component.
Cagamas Berhad in relation to an update of its USD2.5bn sukuk issuance programme and USD2.5bn Multicurrency Medium Term Note Programme.
Axiata on its dual-tranche bond issuances of USD1bn notes under its EMTN program and USD500m sukuk under its sukuk program. This marked Axiata's first landmark issuance in the international capital markets since 2016 and was the single largest as well as longest dated offering to-date. Awarded Best investment grade bond by The Asset Country Awards 2020, Malaysia.
The joint global coordinators, joint structuring agents and joint lead managers on the offering of USD400m fixed rate reset subordinated notes due 2037 by Muang Thai Life Assurance Public Company Limited. The transaction was the first offshore regulatory compliant Tier-2 issuance by a Thailand-based insurance company and it also represented Muang Thai Life’s debut issuance in the international capital markets.
The joint lead managers on the USD325m 3.133 per cent. Notes due 2025 issued by Vena Energy Capital Pte Ltd. This was the first corporate US-dollar green bond issue from a Singapore-based company.
The dealer manager in relation to the innovative tender offer and consent solicitation by Sime Darby with respect to issuances under its USD1.5 billion sukuk programme. This exercise entailed a novation of all rights and obligations of Sime Darby under its sukuk issuances and programme to a new obligor and formed part of a broader reorganisation.
Garuda Indonesia on the consent solicitation exercise in relation to its USD500m Sukuk due 2020. This exercise was a market-first with respect to amending a Sukuk structure that was based on rights to travel/ASKs (as the underlying Shariah-compliant assets).
Suzlon Energy Limited on the restructuring and consent solicitation relating to its USD546,916,000 step-up convertible bonds due 2019. The bond restructuring involved holders choosing between two options to restructure the bonds, i.e. (i) the conversion of the principal amount of bonds held by the holder into shares; or (ii) the substitution of the bonds held by the relevant holder with new USD denominated convertible bonds due 2023 to be issued by the issuer.
The joint lead managers on the issuance of SGD550m fixed reset subordinated (Tier 2) notes due 2031 by Aviva Singlife Holdings Pte. Ltd. and “a bridge-to-bond facility” agreement. The proceeds of the Tier 2 Notes were used to finance the acquisition of Aviva Ltd. (Aviva Singapore) by a consortium comprising an investment fund, certain existing shareholders of Singapore Life Pte. Ltd. (Singlife) and Aviva Plc (the Acquisition). The transaction represented one of the few bridge to bond structures successfully used in Asia to finance a leveraged acquisition - whilst complying with Tier 2 capital requirements.
The bookrunners in relation to the bond financing portion of the leveraged buyout of Ambuja Cements Limited and ACC Limited, entities listed on the NSE in India, by the Adani Group. This represented the largest ever M&A transaction in the infrastructure and materials sector in India and the largest acquisition to date by Adani.
