Legal DealFolio - Axiata Group Berhad RMB Wakala Sukuk Issuance

Leading international law firm Clifford Chance has advised Bank of America Merrill Lynch, CIMB and HSBC as joint lead managers on Axiata Group Berhad's RMB1 billion sukuk issuance, the largest RMB-denominated sukuk and the second to date to be issued in the dim sum bond market. The sukuk are listed on Bursa Malaysia Securities Berhad (under the Exempt Regime) and the Singapore Stock Exchange. The Sukuk Issuance Programme has an innovative structure which is based on the Shari'a principle of Wakala and provides the flexibility of using airtime vouchers, Shari'a compliant shares, lease assets as well as murabaha receivables arising from the sale of commodities as the underlying assets. However, the inaugural RMB issuance utilises only airtime vouchers as the underlying asset. The team was jointly led by Dubai partner Qudeer Latif and Hong Kong partner Matt Fairclough and included senior associates Gregory Man and Sandeep Puri, associate Siu Fang Ng and trainee Julia Maude.

Deal Date:	16-10-2012	Practice Area:	Debt Capital Markets
Deal Title:	Axiata Group Berhad RMB Wakala Sukuk Issuance	Industry:	Financial Services
Description:	Leading international law firm Clifford Chance has advised Bank of America Merrill Lynch, CIMB and HSBC as joint lead managers on Axiata Group Berhad's RMB1 billion sukuk issuance, the largest RMB-denominated sukuk and the second to date to be issued in the dim sum bond market. The sukuk are listed on Bursa Malaysia Securities Berhad (under the Exempt Regime) and the Singapore Stock Exchange. The Sukuk Issuance Programme has an innovative structure which is based on the Shari'a principle of Wakala and provides the flexibility of using airtime vouchers, Shari'a compliant shares, lease assets as well as murabaha receivables arising from the sale of commodities as the underlying assets. However, the inaugural RMB issuance utilises only airtime vouchers as the underlying asset. The team was jointly led by Dubai partner Qudeer Latif and Hong Kong partner Matt Fairclough and included senior associates Gregory Man and Sandeep Puri, associate Siu Fang Ng and trainee Julia Maude.
Financial Center:	Dubai	Value:	100.01-500.00
Advised Party:	Lead Manager	Law Firm	Clifford Chance
Issuer Jurisdiction	Malaysia	Listing Jurisdiction	Singapore
Classification:	Islamic Finance Islamic Finance Bonds and Sukuk Wakala:	Lawyer	Qudeer Latif

Practice Areas -

Debt Capital Markets Law Firms and Lawyers

Practice Areas - Debt Capital Markets Law Firms and Lawyers