The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

Islamic finance awards 2013: Axiata renminbi sukuk

Most innovative deal
Lead managers:
HSBC, CIMB, Merrill Lynch This was a deal in which the innovation-rich worlds of Islamic finance and dim sum renminbi bonds combined. It brimmed with novelty: it was the first rated sukuk in the Chinese currency; the first sukuk to use airtime vouchers as an underlying asset (Axiata is a Malaysian telco); and involved structural ingenuity, using the wakalah or agency structure.

Moreover, it worked. The deal started out as a Rmb500 million ($80 million) deal but eventually raised double that, and tightened along the way from 4% guidance to 3.75%, with an order book of Rmb3.5 billion from 80 accounts. It should pave the way for more renminbi-denominated sukuk and more sukuk from telcos hoping to use airtime as an underlying asset. Along the way it diversified Axiata’s investor base.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree