Zaid Ibrahim & Co has advised Axiata Group, the largest Asian telecommunications group, on its dual offering of $500 million 10-year trust certificates and $1 billion 30-year senior notes, with Clifford Chance and Adnan Sundra & Low representing the arrangers and the bookrunners.

This is Axiata’s first landmark issuance of $1.5 billion in size from the international capital markets, the all-time lowest coupon rate ever achieved by an Asian corporate and, globally, the third-lowest 30-year coupon rate for an Asian telecommunications issuer. The sukuk is also the largest such U.S. dollar offering out of Malaysia in five years.

The trust certificates were issued off of an updated $1.5 billion sukuk issuance programme and the senior notes off of a newly established $1.5 billion euro medium term note programme.

The Clifford Chance team was led by partners Gareth Deiner, Qudeer Latif and Johannes Juette.

 

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