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Islamic finance awards 2014: DanaInfra M$300 million exchange-traded sukuk

Best Islamic project finance deal:

DanaInfra M$300 million exchange-traded sukuk
Sole adviser: CIMB

Lead managers: AmBank, CIMB, Maybank, RHB Capital

DanaInfra is the fundraising vehicle behind Malaysia’s national infrastructure projects, owned by the ministry of finance. In particular, it is responsible for the funding of the mass rapid transit project in Malaysia’s Klang Valley, a key infrastructure initiative for the country.

The financing for a large part of that was a M$8 billion Islamic syndicated revolving credit facility, but it’s a particular part of the financing we reward here. DanaInfra launched a M$300 million 10-year exchange-traded sukuk, and in doing so created a whole new asset class for retail investors. They were issued in February alongside M$1.2 billion of sukuk for institutional investors in more traditional OTC form.

The process of getting the deal together, spearheaded by CIMB, was complicated. Since this was a new listed asset class, it involved Bursa Malaysia, the central bank and the Securities Commission, not just for regulatory approval, but to create a whole framework for this and future similar issues.

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