Allen & Overy and Zaid Ibrahim & Co have advised Malaysian telco Axiata Group on its $1.5 billion multi-currency sukuk programme, the first internationally rated multi-currency sukuk programme in the Asia-Pacific region.

Axiata has said the fund raising, which is in the form of a non-fixed tenure multi-currency sukuk programme, allows airtime vouchers on Axiata's mobile telecommunications network to be included as a trust asset.

The sukuk programme has been assigned a rating of BBB- by Standard & Poor's. Moody's Investors published the issuer rating for Axiata at Baa2.

The Allen & Overy team was led by Jeremy Stoupas, a Singapore-based partner in the firm’s international capital markets practice, and also included Singapore office managing partner Ken Aboud, senior associate Louise Hennessey, and associate Holly Hart.

“This transaction represents a significant development in the fast evolving market for shariah compliant products in Asia-Pacific,” said Stoupas. “It is particularly pleasing to see this programme come to market as it meets the challenge of trying to accommodate shariah requirements without compromising on the robustness of the structure from an English law perspective.”

CIMB and HSBC have been appointed as the joint principal advisers, arrangers, and dealers for the sukuk programme, with Merrill Lynch also acting as arranger and dealer.

Clifford Chance acted as international counsel to the joint arrangers, with Adnan Sundra & Low acting as local counsel.

Ranajit Dam is Southeast Asia Editor at ALB. Follow us on Twitter: @ALB_Magazine.

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