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Deal Case Studies

CASE STUDY: Almarai’s USD500mn Issue Marks First Corporate International Sukuk out of Saudi

The benchmark-sized international debut sukuk received more than USD5bn worth of orders – a similar level of oversubscription to the recent Saudi Aramco jumbo bond, a tremendous start to the Saudi dairy giant’s new USD2bn Islamic finance programme.

CASE STUDY: Sri Lanka USD2.4bn Bond Hits Near-Perfect Distribution Despite Downgrade

The sovereign issuer overcame a highly challenging political landscape, culminating in a political crisis, to secure a significant quantum of international funding to support its ailing economy.

CASE STUDY: Bénin Debuts Benchmark Eurobond amid Renewed Hunt for Yield

The African nation’s first international bond, a EUR500mn 7-year Eurobond, saw Bénin tap the market on the same day as neighbouring Ghana at a time when global investors, buoyed by the Fed’s dovish mood swing, piled into high yield sovereign debt.

CASE STUDY: Investors Sink Their Teeth into Triple-Tranche EUR3bn Romania Sovereign Bond

Romania’s Eurobond, the largest ever from the country’s Finance Ministry and first EUR-denominated triple-tranche from a sovereign issuer in 2.5 years, has raised the stakes in the typically quiet CEE debt markets.

CASE STUDY: FAB Issues World’s First Intraday Sukuk

First Abu Dhabi Bank marked MENA’s debut public sukuk issuance in 2019 with its USD1bn senior sukuk. Riding on a wave of investor demand, the bank tapped the market twice, securing the largest single public issuance from a conventional bank sukuk in the region.

CASE STUDY: Uzbekistan’s Dual-Tranche Debut Eurobond Marks Milestone in Global Integration

Under the leadership of its new Prime Minister, Shavkat Mirziyoyev, Uzbekistan has moved further down the long path towards global integration. With its debut USD1bn Eurobond issuance in February this year, Uzbekistan is seeking to establish itself as a regular participant in global financial markets in the years to come.

Andean Borrowers Cut Through Volatility to Win Big at Bonds & Loans Latin America Awards

Despite a slowdown in some of the Andean region’s powerhouse economies and souring emerging market investor sentiment, many borrowers were unperturbed and moved into markets with inaugural, innovative transactions through much of last year. We take a closer look at some of the transactions originating from the region that won top prize at this year’s Bonds & Loans Latin America Awards.

CASE STUDY: Indonesia Dominates ESG and Islamic Finance Nexus with Dual-Tranche USD2bn Issue

The South East Asian sovereign returned to market with its second green sukuk issuance in 12 months. The dual tranche conventional/green sukuk issue saw USD7bn worth of orders from high quality accounts and tightened 30bp and 45bp inside the initial guidance.

CASE STUDY: Absa Group Issues Inaugural USD400mn Basel III Compliant Regulatory Capital Bond

Absa Group’s recent inaugural USD400mn Tier II bond not only satiated its own capital requirements dictated by Basel III, but it also provided the dollar funding necessary for the bank’s future growth and created a benchmark for similar transactions across the continent.

CASE STUDY: Al Dur Power & Water Company Secures USD1.34bn Refinancing Despites Headwinds

Following Al Dur Power & Water Company’s (Al Dur) debut project financing transaction in 2009, the project company returned to the financial markets last year to refinance its outstanding debt. Navigating difficult macroeconomic conditions, alongside broader EM volatility, Al Dur secured a complex USD1.3bn refinancing package from an assortment of national and international lenders.

 

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