Global law firm Clifford Chance has advised the Government of Malaysia on the international aspects of its US$1.5 billion global sukuk issuance.
The offering comprised US$850 million 4.612% trust certificates due 2032 and US$650 million 4.949% trust certificates due 2036. The transaction was 4.7 times oversubscribed, with demand exceeding US$9.5 billion, and achieved the tightest spreads ever for Malaysia’s global sukuk issuances. The trust certificates are listed on the Hong Kong Stock Exchange, the Labuan International Financial Exchange and Bursa Malaysia under its Exempt Regime.
Partners Gareth Deiner (Singapore) and Qudeer Latif (Dubai) led the Clifford Chance team, which included legal consultant Shauaib Mirza (London), counsel Stephanie Liman, associate Adam Fong and trainee lawyer Aileen Lee (all Singapore).
Gareth said, “This successful issuance reflects the continued confidence of international investors in Malaysia’s economic fundamentals and long-term policy direction. Malaysia remains one of the world’s leading Islamic finance markets, and we are pleased to have advised the Government of Malaysia on this landmark sovereign sukuk issuance.”
CIMB, HSBC, J.P. Morgan and Standard Chartered acted as Joint Lead Managers and Joint Bookrunners.
Clifford Chance has a leading track record advising on landmark sovereign and corporate sukuk issuances globally, including advising on the Republic of Indonesia’s US$2.35 billion global sukuk, the Republic of Türkiye’s US$2.75 billion sukuk, and Burjeel Holdings’ US$1.5 billion sukuk programme and inaugural US$500 million sukuk.
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