Islamic finance awards 2012: Best project finance house
The volume and innovative nature of deals that involved HSBC over the past 12 months make it the choice for the Islamic project finance award.
For example, HSBC acted as the financial adviser, Shariah coordinator, facility agent and mandated lead arranger (through Saudi British Bank), in the Islamic project finance bridge facility for the $2 billion greenfield acrylates complex in Jubail Industrial City in Saudi Arabia, sponsored by Saudi Acrylic Acid Company (SAAC) and Saudi Acrylic Monomer Company (Samco). The bridge financing comprises a SR2.19 billion ($585.2 million) Islamic murabaha facility for SAAC and Samco.
HSBC also acted as onshore account bank, intercreditor agent, commercial facility agent, onshore security agent and mandated lead arranger (through Saudi British Bank) in the financing of the second phase of Ma’aden Bauxite and Alumina Company’s $10 billion aluminium complex. This comprises a bauxite mine in Saudi Arabia along with an associated refinery. The completed project is planned to be the world’s largest fully integrated aluminium complex.
The bank acted as the mandated lead arranger in the financing of Qurayyah IPP.