LAWFUEL- The Law Newswire – Linklaters has advised Aseambankers, HSBC and UBS Investment Bank as Joint Lead Managers, and The Hongkong and Shanghai Banking Corporation Limited as International Trustee on the issuance of a US$300 million subordinated Sukuk by Malayan Banking Berhad (“Maybank”). The offering, which closes today, is structured so as to be Islamically compliant, making it the first lower tier two Sukuk issue of its kind.
Luma Saqqaf, global head of Linklaters’ Islamic finance practice, commented:
“We were pleased to advise on this ground-breaking offering. The huge and diverse demand is representative of the popularity of sharia’a compliant investment opportunities. Malaysia is one of the most important centres for Islamic finance, and this transaction continues to demonstrate its development as a global financial centre. ”
Kevin Wong, partner at Linklaters Singapore added:
“Following the huge success of the award-winning Khazanah exchangeable sukuk issue at the end of 2006, on which Linklaters also advised, this deal demonstrates continuing innovation in the region. This deal showcases Linklaters’ strength across Asia and the Middle East, and highlights the seamless cooperation between our global offices.”
The issuer for the transaction is MBB Sukuk Inc, a special purpose vehicle incorporated in Labuan. The Sukuk was structured on a ten Non-Call five-year basis, and qualifies as Tier 2 capital. Proceeds will be utilized to fund Maybank Group’s Islamic banking operations and for general Islamic banking purposes.
Kevin Wong (Linklaters, Singapore) and Luma Saqqaf (Linklaters, Dubai) led the Linklaters team.