RAKIA Sukuk (continued...) - Islamic Finance News
RAKIA Sukuk (continued...) - Islamic Finance News
RAKIA Sukuk (continued...) - Islamic Finance News
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TERMSHEET<br />
INSTRUMENT<br />
ISSUER<br />
PRINCIPAL ACTIVITIES<br />
LISTING<br />
FORMAT<br />
ISSUE SIZE<br />
MBB <strong>Sukuk</strong> Inc<br />
US$300 million subordinated certifi cates due 2017 callable with step-up in 2012 with subordinated recourse<br />
to Malayan Banking<br />
MBB <strong>Sukuk</strong> Inc; a special purpose company incorporated in Labuan<br />
Formed solely for the purpose of issuing the subordinated certifi cates and participating in the transactions<br />
contemplated by the transaction documents<br />
Labuan International Financial Exchange Inc (LFX) and Singapore Exchange Securities Trading Limited<br />
(SGX-ST)<br />
Regulation S<br />
US$300 million<br />
DATE OF ISSUE 18 th April 2007<br />
MATURITY 25 th April 2017, callable at par on 25 th April 2012<br />
PERIODIC DISTRIBUTION<br />
Paid semi-annually<br />
PRICE 100%<br />
STEP-UP MARGIN<br />
PAYMENT SCHEDULE<br />
IDENTIFIED ASSETS<br />
JOINT LEAD MANAGERS /<br />
JOINT BOOKRUNNERS<br />
LEGAL COUNSEL<br />
TRUSTEES<br />
1.33% per annum<br />
Bullet<br />
Benefi cial ownership interests in certain Hire-Purchase Contracts of Maybank (the “Obligor”).<br />
Aseambankers Malaysia Berhad; The Hongkong and Shanghai Banking Corporation Limited, Offshore<br />
Banking Unit, Labuan; and UBS AG, Labuan Branch<br />
1. Allen & Overy, Shook Lin & Bok (To the issuer — English law)<br />
2. Zul Rafi que and Partners (To the issuer — Malaysian law)<br />
3. Linklaters Allen & Gledhill (To the joint lead managers and International trustee — English law)<br />
4.Zaid Ibrahim & Co (To the joint lead managers and the Labuan trustee — Malaysian law)<br />
International Trustee<br />
The Hongkong and Shanghai Banking Corporation Limited<br />
Labuan Trustee<br />
Portcullis TrustNet (Labuan) Limited<br />
SHARIAH ADVISERS<br />
1. HSBC Amanah Shariah Committee<br />
2. UBS Sharia Advisory Council<br />
METHOD OF ISSUE<br />
PURPOSE OF ISSUE<br />
The world’s fi rst <strong>Islamic</strong> USD subordinated bank capital <strong>Sukuk</strong> was issued by means of an international<br />
book-building exercise<br />
The gross proceeds of the issue of the subordinated certifi cates will be used by the issuer to purchase<br />
the portfolio assets from the obligor through an SPV, i.e. the benefi cial ownership interests in such portfolio<br />
assets.<br />
The obligor will then use the proceeds it receives to fi nance the group’s <strong>Islamic</strong> banking operations and<br />
for general <strong>Islamic</strong> banking purposes.<br />
RATINGS<br />
The subordinated debt which was over-subscribed by more than seven times was rated:<br />
1. Baa1 by Moody’s Investor Service;<br />
2. BBB+ by Standard & Poor’s Rating Services; and<br />
3. BBB+ by Fitch Ratings Ltd.<br />
Page 56<br />
www.<strong>Islamic</strong><strong>Finance</strong><strong>News</strong>.com
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