MALAYSIA: Islamic Finance news understands that telecommunications firm Axiata Group, which recently established a US$1.5 billion multi-currency Sukuk program, has no immediate plan to issue the Sukuk. The program was instead established to allow Axiata the option of tapping into it as and when the need arises.
The fund-raising, which comes in the form of a non-fixed tenure multi-currency Sukuk program, will allow airtime vouchers on Axiata’s mobile telecommunications network to be included as a trust asset.
The Sukuk is rated ‘BBB-’ by Standard & Poor’s, while the issuer is rated ‘Baa2’ by Moody’s. CIMB and HSBC have been appointed as joint principal advisors, arrangers and dealers for the Sukuk; while Merrill Lynch will be acting as arranger and dealer. Law firms involved in the transaction include Allen & Overy, Clifford Chance, Zaid Ibrahim & Co and Adnan Sundra & Low.