The Asset Triple A
Islamic Finance Awards 2021
Best in sustainable finance
Deal of the year
Etihad Airways US$600 million transition ijara sukuk and concurrent tender offer
Financial adviser: Mashreqbank
Shariah advisers, global coordinators, bookrunners, lead managers and sustainability structuring agents: HSBC, Standard Chartered
Bookrunners and lead managers: Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank
Lead manager: Abu Dhabi Commercial Bank
Second party opinion provider: Vigeo Eiris
This was the first ever transition bond/sukuk and the first ever sustainability-linked bond/sukuk from the aviation sector, which was a remarkable feat with airlines under pressure due to Covid-19. The deal introduced a new ratchet structure for issuer pay-outs (in this case, purchase of carbon offsets) in case the issuer fails to meet its sustainability targets.
Best SRI sukuk - Sovereign
Government of Malaysia 666 million ringgit sukuk Prihatin
Primary distribution bank: Maybank
This is the first digital sukuk in Malaysia launched by the government under the National Economic Recovery Plan (Penjana) to finance the economic stimulus packages and recovery plan to address the Covid-19 health crisis. The deal was upsized from the initial amount of 500 million ringgit due to strong demand.
Best SRI sukuk – Supranational
Islamic Development Bank US$1.5 billion wakala sukuk
Shariah adviser: Islamic Development Bank
Bookrunners and lead managers: Citi, Credit Agricole CIB, Emirates NBD Capital, Gulf International Bank, HSBC, Islamic Corporation for the Development of the Private Sector, Natixis, Societe Generale, Standard Chartered
This was the first ever Covid-19 response sukuk with the proceeds used exclusively to address the economic and social challenges caused by the coronavirus in Islamic Development Bank’s (IsDB) member countries. It achieved the lowest ever profit rate on a US dollar public sukuk issuance by IsDB.
Best green sukuk – Sovereign
Republic of Indonesia US$2.5 billion wakala sukuk
Green structuring advisers: BNP Paribas, HSBC
Shariah advisers and bookrunners: BNP Paribas, Dubai Islamic Bank, HSBC, Maybank Kim Eng, Standard Chartered
Co-managers: PT BRI Danareksa Sekuritas, PT Trimegah Sekuritas Indonesia
The fund raising included a five-year green sukuk tranche amounting to US$750 million, with the proceeds earmarked for climate change financing and a 30-year tranche amounting also to US$750 million – the first ever 30-year sukuk issued by the sovereign.
Best green sukuk – Corporate
Saudi Electricity Company US$1.3 billion dual-tranche green ijara sukuk
Shariah advisers: Standard Chartered, First Abu Dhabi Bank, HSBC Saudi Arabia, J.P. Morgan
Green structuring advisers: HSBC, MUFG Securities EMEA
Lead managers: Standard Chartered, First Abu Dhabi Bank, HSBC, J.P. Morgan, MUFG Securities EMEA
This was the first ever US dollar-denominated green sukuk issuance by a Saudi corporate and the largest corporate offering from Saudi Arabia in 2020. The final pricing was 30bp inside the initial price thought for both tranches as the combined final order book amounted to US$4.7 billion after peaking at US$5.4 billion.
Best Asean sustainability SRI sukuk – Quasi-sovereign
Cagamas 100 million ringgit sustainability SRI commodity murabaha sukuk
Shariah advisers: CIMB Islamic Bank, Maybank Islamic Bank, HSBC Amanah Malaysia, Amanie Advisors
Sole lead manager: RHB Investment Bank
The proceeds are used to fund the purchase of eligible Islamic financing for affordable housing from the asset selling institutions, while the proceeds from the Islamic medium-term notes are earmarked to fund Islamic house financing.
Best Asean sustainability SRI sukuk - Corporate
Sime Darby Property 800 million ringgit Asean sustainability SRI musharaka sukuk
Shariah adviser: Maybank Islamic Bank
Sole principal adviser, lead arranger and lead manager: Maybank Investment Bank
Lead managers: CIMB, Public Investment Bank
The 150 million ringgit tranche of the deal represents the first sustainability sukuk globally based on the principle of musharaka and it is the first Asean sustainability SRI sukuk by a real estate property developer. It is also the largest Asean sustainability SRI sukuk for 2020.
Best Asean green SRI sukuk - Renewable energy
Leader Energy 260 million ringgit Asean green SRI wakala sukuk
Sole principal adviser, Shariah adviser, lead arranger, lead manager and green structuring adviser: HSBC Amanah Malaysia
This is the first project financing sukuk for the HNG Group and the first Asean green SRI sukuk issuance in the ringgit market in 2020.