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Islamic finance awards 2008: Best sukuk house

CIMB Islamic

CIMB Islamic had an impressive year in 2007. Not only has the Malaysian bank come top of the ISI emerging markets global sukuk manager league tables, its name also turns up on nearly all of the most memorable 2007 sukuks. Among the influential transactions that CIMB Islamic worked on was Cherating Capital’s $850 million sukuk, Nucleus Avenue Berhad’s three-part deal, and Cagamas’s M$2.11 billion ($645 million) Islamic residential mortgage backed securities (IRMBS) transaction.

Cherating Capital completed its exchangeable sukuk in record time, with an order book that was 13 times oversubscribed. The demand enabled CIMB Islamic to price the deal at the Libor swap rate minus 90 basis points, the lowest price ever for a US dollar sukuk.

More than 50% of the deal was placed with Middle Eastern investors, a record Middle Eastern participation rate for an equity-linked offering. In addition to this, the sukuk is the largest equity-linked issue out of Malaysia, surpassing Khazanah’s deal, which won Euromoney’s sukuk deal of the year award last year.

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