Adnan Sundra & Low (ASL) and Clifford Chance have advised the Malaysian government on its USD1.5 billion global sukuk issuance, attracting demand topping USD9.5 billion.
The issuance comprised USD850 million 4.612% trust certificates due 2032 and USD650 million 4.949% trust certificates due 2036. The certificates were listed on the Hong Kong Stock Exchange, the Labuan International Financial Exchange and Bursa Malaysia under its Exempt Regime.
CIMB, HSBC, JP Morgan and Standard Chartered served as joint lead managers and joint bookrunners for the offering.
ASL acted as local counsel to the Malaysian government, with its team comprising head of banking and finance Deepak Sadasivan and partners Kok Ling Gan and Yik Shien Yee.
Clifford Chance advised on the international aspects, with partners Gareth Deiner and Qudeer Latif, head of the firm’s global Islamic finance practice, spearheading the team. Legal consultant Shauaib Mirza, counsel Stephanie Liman, associate Adam Fong and trainee lawyer Aileen Lee provided additional support.
Clifford Chance said the transaction was 4.7 times oversubscribed, with demand topping USD9.5 billion. This represented the tightest spreads yet for Malaysia’s global sukuk issuances.
Malaysia’s Ministry of Finance said issuance proceeds would be used for general shariah-compliant purposes. This includes the financing of development expenditure and the refinancing of existing obligations.
