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Islamic finance awards 2014: Khazanah S$600 million exchangeable sukuk into IHH

Most innovative Islamic deal:
Khazanah S$600 million exchangeable sukuk into IHH

Lead managers: Deutsche Bank, Standard Chartered Saadiq, CIMB

There were many things that rendered this deal innovative. Although Khazanah has conducted exchangeables in the past, none have looked quite like this: a Malaysian quasi-sovereign selling a Singapore dollar-denominated exchangeable into a Malaysia-listed healthcare company, with full Shariah compliance. On top of that, as well as being the first Singapore dollar exchangeable sukuk, it was the first to offer exposure to Asian healthcare, and the first exchangeable to be structured as a sukuk al wakalah with commodity murabaha investment.

Aside from the technical firsts, the deal was also very good for the issuer. It priced at a top-of-the-range exchange premium of 17%, and sold to 110 accounts in Asia and Europe, with a mixture of multi-strategy funds and long-only accounts represented. It was enormously popular, with the books covered within 40 minutes of launch and a 5.5 times oversubscription level after two and a half hours.

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