HSBC-led Axiata renminbi sukuk recognised by Euromoney and Islamic Finance News


KUALA LUMPUR: HSBC Amanah Malaysia Bhd (HSBC) has clinched two awards – Most Innovative Deal and Cross-Border Deal of the Year – at the Euromoney Islamic Finance Awards and Islamic Finance News Awards respectively.

In a statement yesterday, HSBC said the awards recognised the bank’s work on Axiata Group Bhd’s renminbi sukuk, a one billion yuan Islamic Euro medium-term notes issuance.

“The sukuk was oversubscribed by about seven times, enabling Axiata to increase the amount raised from 500 million yuan to one billion yuan making it the largest renminbi offering todate,” it said.

HSBC Bank Malaysia head of global banking and markets, Piyush Kaul, said HSBC globally, and in Malaysia, had been at the forefront of promoting the use of renminbi through engagement with clients, coordination with the regulators, facilitation of trades and development of the inter-bank market.

“The award for the Axiata Group RMB sukuk is recognition of our client’s success and HSBC’s ability to combine our strengths in the diverse fields of RMB and Islamic finance to deliver a ground-breaking solution,” he said.

The bank said the Axiata sukuk programme employed the first of its kind, highly-innovative structure that utilised the syariah principle of Wakalah (agency arrangement).

HSBC acted as joint lead arranger, joint lead manager, joint bookrunner and syariah adviser, it said.

It said Euromoney also presented HSBC with the ‘Best Sukuk House’ and ‘Best Sukuk Deal’ awards, recognising its achievements in the Islamic finance industry at a global level. — Bernama