Most innovative Islamic deal – global: Republic of the Philippines’ $1 billion inaugural sukuk ljara/wakala and murabaha
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Most innovative Islamic deal – global: Republic of the Philippines’ $1 billion inaugural sukuk ljara/wakala and murabaha


Date: November 2023

Issuer: ROP Sukuk Trust

Obligor: Republic of the Philippines

Size: $1 billion

Structure: Trust certificates (wakala/ijarah/murabaha)

Tenor: 5.5 year

Banks: Citi, Deutsche Bank, Dubai Islamic Bank, HSBC, MUFG, Standard Chartered (joint bookrunners and lead managers)


 

The number of countries looking to issue in the global sukuk market has grown in recent years, leading to innovative debut issuance from all over the world.

This trend is expected to continue, helping to broaden and deepen the global sukuk market, which last year recorded $168 billion of issuance, down slightly on the year before.

Among multiple debut issuers and distinctive transactions, there was one sovereign sukuk last year that stood out for its innovative structural quality: the Philippines’ inaugural $1 billion 5.5-year senior unsecured sukuk.

The 144A/RegS transaction, issued by ROP Sukuk Trust and priced in November, notched up several market firsts, including a ground-breaking structure that meant the sukuk was issued via special purpose trust – administered by the Land Bank of Philippines – instead of a special purpose vehicle, through which all other sukuk are issued.

Such



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