Norton Rose Fulbright advises Tenaga Nasional Berhad on its debut US$750m sukuk issuance

Global Business October, 20 2016

Global law firm Norton Rose Fulbright has advised Tenaga Nasional Berhad (“TNB”), Malaysia’s largest electricity utility company, on its ten-year US$750 million sukuk issuance, which closed on October 19, 2016. The sukuk was issued via TNB’s wholly-owned Malaysian-incorporated special purpose company, TNB Global Ventures Capital Berhad, and marks the first issuance under the newly established US$2.5 billion Multicurrency Sukuk Issuance Programme on which Norton Rose Fulbright also advised.

The sukuk issuance marks the return of TNB to the international debt capital markets after more than ten years as well as TNB’s first foray into the international sukuk market. The transaction attracted interest from a diverse group of Islamic and conventional investors, comprising asset management companies, financial institutions, insurance companies, and sovereign wealth funds.

Gregory Man, partner, Norton Rose Fulbright, commented:

‘We are delighted to have had the opportunity to advise Tenaga Nasional Berhad on the establishment of their landmark sukuk programme and on their first ever sukuk issuance. Following on from our advice on the Government of Bahrain’s US$1 billion eurobond and US$1 billion sukuk issuances and our recent advice on the Islamic Republic of Pakistan’s US$1 billion sukuk issuance, we have again demonstrated the strength of our market leading international debt capital markets and Islamic finance practices.’

The Norton Rose Fulbright team was led by partner Gregory Man (Dubai) with assistance from partner Vicky Münzer-Jones (Singapore), of counsel Cynthia Teo (Singapore) and associate Tom Burke (Dubai).

BNP Paribas, CIMB Investment Bank Berhad, Citigroup Global Markets Limited and HSBC Amanah Malaysia Berhad acted as Joint Arrangers of the sukuk programme, while BNP Paribas, CIMB Investment Bank Berhad, Citigroup Global Markets Limited and The Hongkong and Shanghai Banking Corporation Limited acted as Joint Lead Managers and Bookrunners for the sukuk issuance.

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