Deal Case Studies MENAT
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.
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.
Leading UAE-based regional district cooling firm National Central Cooling Company PJSC – better known as Tabreed – launched its debut benchmark 7-year sukuk against the backdrop of an active deal pipeline and adverse market conditions, securing competitive pricing and an oversubscription rate of 1.5X. The funding team’s decision to prioritise speed-to-market, flexibility, and investor visibility by working with a leading global exchange like London Stock Exchange were central to the transaction’s resounding success.
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.
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.
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.
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.
The Omani electricity company SPV placed the first ever corporate sukuk from the country with an elegant legal structure that helped navigate regulatory obstacles.
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.
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
- CASE STUDY: ADNOC Makes Record-Setting Debut with USD3bn Bond
- CASE STUDY: KNPC Seals USD6.245bn Loan in Largest ECA-Backed Corporate Transaction Ever
- CASE STUDY: Tabreed’s Innovative Islamic Loan Paves the Way for Future Sukuk Deal
- CASE STUDY: After a Year of Preparation, ACWA Power Comes Through with Blockbuster Debut Bond
24 Apr 2019