RAKIA Sukuk (continued...) - Islamic Finance News
RAKIA Sukuk (continued...) - Islamic Finance News
RAKIA Sukuk (continued...) - Islamic Finance News
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Deals of the Year 2007 Handbook<br />
Aldar Properties Exchangeable <strong>Sukuk</strong> (<strong>continued</strong>...)<br />
CHALLENGES ADDRESSED<br />
Some of the key challenges addressed were:<br />
• Structuring an appropriate Shariah compliant structure<br />
to meet the Issuer’s objectives<br />
• Providing a cash settlement option to address the<br />
restrictions on foreign ownership<br />
• Exchange process (<strong>Sukuk</strong> to Aldar shares) on the<br />
ADSM<br />
KEY ACHIEVEMENTS<br />
• Deal upsized from US$1.3 billion to US$2.53 billion<br />
(including 15% increase option)<br />
• Spread tightened from 75-85 bps to 65 bps<br />
• Highest conversion premium of all precedents<br />
• Quality order book over subscribed by 5.2 times<br />
• Actively traded in the secondary market<br />
PIONEERING TRANSACTION<br />
The deal was unanimously perceived as a highly successful<br />
transaction breaking many records:<br />
• First <strong>Sukuk</strong> to be listed on the London Stock Exchange’s<br />
Professional Securities Market<br />
• Largest exchangeable <strong>Sukuk</strong> offering globally<br />
• Attracted international attention to Abu Dhabi real<br />
estate and equity market<br />
Experience the best<br />
<strong>Islamic</strong> finance event<br />
of the year<br />
MIF2008<br />
Issuers & Investors Forum<br />
11 th – 13 th August 2008<br />
Mandarin Oriental Kuala Lumpur<br />
After two consecutive years of success, MIF Forum<br />
returns, promising a whole new experience with<br />
refreshing dialogue and lively networking.<br />
MIF 2008 will prove to be bigger and better<br />
with an extended event schedule of three days.<br />
Further enhancing MIF Forum to be an international<br />
affair, Equities Day will take place on the third<br />
day which will educate and update the audience<br />
on the newest reports of the constantly evolving<br />
<strong>Islamic</strong> equity capital markets.<br />
New at MIF 2008<br />
MIF Monthly Awards Dinner<br />
Investors Reception<br />
Equities Day<br />
11 th August<br />
12 th August<br />
13 th August<br />
Register today and be part of the largest<br />
annual <strong>Islamic</strong> nance event<br />
This case study was<br />
written by Hitesh<br />
Asarpota and Stuart<br />
Henrickson, CFA,<br />
of the National Bank of Abu Dhabi. The views expressed<br />
herein are those of the writers and not the bank’s.<br />
REGISTER NOW<br />
www.MIFforum.com<br />
www.<strong>Islamic</strong><strong>Finance</strong><strong>News</strong>.com<br />
Page 19
Change language