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Most innovative Islamic deal:
Khazanah S$600 million exchangeable sukuk into IHH
Lead managers: Deutsche Bank, Standard Chartered Saadiq, CIMB
There were many things that rendered this deal innovative. Although Khazanah has conducted exchangeables in the past, none have looked quite like this: a Malaysian quasi-sovereign selling a Singapore dollar-denominated exchangeable into a Malaysia-listed healthcare company, with full Shariah compliance. On top of that, as well as being the first Singapore dollar exchangeable sukuk, it was the first to offer exposure to Asian healthcare, and the first exchangeable to be structured as a sukuk al wakalah with commodity murabaha investment.
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