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Advisers: CIMB, Emirates NBD, HSBC, Standard Chartered, Allen & Overy, Thamrin & Rachman, White & Case, AZP Legal Consultants
The Republic of Indonesia has built a reputation for innovation in its now annual sukuk outings – each time seeking to push the boundaries of its funding options. Last year was no different. Its $1.5 billion 10-year wakala sukuk in September in many ways encapsulates the direction in which sukuk could head, longer term – the market’s potential to attract conventional investors in the West, and its usefulness as a means to link investors in the capital-rich Gulf with issuers in fast-growing countries in Asia, Africa and elsewhere.
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