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16 Nov 2018   Middle East, Deals, Islamic Finance

Bonds, Loans & Sukuk Middle East Awards: The 2018 Winners

This year’s Bonds, Loans & Sukuk Middle East Awards saw no shortage of firsts as the regions borrowers and finance professionals pushed the boundaries of the possible through new structures and techniques in a range of transactions.

CASE STUDY: Turkcell Secures Hat-Trick of Currencies in CDB Loan Refinancing

Turkcell, a leading Turkish phone operator, and the China Development Bank (CDB) signed a multi-jurisdictional loan restructuring facility featuring a rare RMB-denominated tranche in a multi-currency 10-year deal.

CASE STUDY: ACWA Power Teams Up with ICBC on Egypt’s Benban USD185mn Structured Loan

In a deal that involves an amortizing loan with debt and equity tranches on a non-recourse project finance basis, the Saudi Arabia-based developer broke new ground by achieving an 18-year tenor, raising USD financing with an EGP-denominated tariff and bringing in a Chinese commercial bank.

CASE STUDY: Omantel Launches Largest Corporate Bond from Oman to Finance Zain Purchase

In April 2018 Omantel, the Imani telecoms company, successfully priced the inaugural USD1.5bn dual-tranche senior secured offering to refinance a bridge loan closed in late 2017 for the acquisition of a 21.9% stake in Zain Group. It was the largest corporate offering from Oman ever and first dual-tranche transaction from an Omani Corporate with 5.5 and 10-year tenors.

CASE STUDY: Mazoon Launches USD500mn Sukuk to Finance Lamar II Project

The Omani electricity company SPV placed the first ever corporate sukuk from the country with an elegant legal structure that helped navigate regulatory obstacles.

CASE STUDY: Emirate of Sharjah Brings Rare RMB2bn Panda to Middle East Market

The trailblazing issuance by the state government could open doors to China’s onshore market to other Middle East issuers as part of the “Bond Connect” initiative.

CASE STUDY: Dubai Aerospace Gets Lift-Off on USD480mn Dual-Tranche Murabaha RCF

Dubai Aerospace Enterprise (DAE) has signed a landmark unsecured four-year dual-tranche revolving credit facility with an initial commitment of USD480mn and an accordion feature that allows the facility to be increased to up to USD800mn. The deal was one of the largest conventional/Islamic transactions in the region.

CASE STUDY: Albaraka Turk Makes History with Turkey’s First Additional Tier 1 Deal

Albaraka Turk extended its reputation as a pioneer in the sukuk market last month, issuing the country’s first Basel III-compliant Additional Tier 1 capital notes – in a Sharia-compliant privately placed, publicly listed format, no less.

CASE STUDY: ADNOC Makes Record-Setting Debut with USD3bn Bond

The Abu Dhabi National Oil Company’s (ADNOC) hugely successful debut capital markets transaction, a USD 3bn dual-tranche bond, achieved a number of milestones – it was the largest single-currency corporate issuance in the GCC, one of the largest in the Middle East’s corporate history – and marked the start of a bold new financing strategy at the state-owned oil company.

CASE STUDY: KNPC Seals USD6.245bn Loan in Largest ECA-Backed Corporate Transaction Ever

Kuwait National Petroleum Company’s (KNPC) USD6.245bn ECA-backed loan was a triumph for the company’s Clean Fuel Project and the region’s credit markets, setting a new record for the largest ECA-backed corporate loan to date.

 

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