Global law firm Norton Rose Fulbright has advised Tenaga Nasional Berhad (“TNB”), Malaysia’s largest electricity utility company, on a ten-year US$750 million sukuk issuance, which closed on November 1, 2018. The sukuk was issued via TNB’s wholly-owned Malaysian-incorporated special purpose company, TNB Global Ventures Capital Berhad.
The transaction attracted interest from a diverse international group of Islamic and conventional investors, comprising asset management companies, financial institutions, insurance companies, and sovereign wealth funds.
Gregory Man, debt capital markets partner in the Dubai office of Norton Rose Fulbright, commented:
“We are delighted to have advised Tenaga Nasional Berhad on its second sukuk issuance, having previously advised on the establishment of its landmark sukuk programme and its first ever sukuk issuance in 2016. The last year has seen our global capital markets team advise on a number of high-profile matters, with some groundbreaking work on the first Islamic mortgage-backed securitisation in the UK, the first green sovereign sukuk for the Republic of Indonesia and the first and only AT1 issuance from Turkey for Albaraka Türk.”
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), senior associate Ganna Vlasenko (Dubai) and international trainee Rachel Hao (Singapore).
Norton Rose Fulbright’s Islamic finance practice is one of the longest-established in the market and continues to advise a wide variety of high profile clients on cross-border work. It was recently named Capital Markets Law Firm of the Year at the Islamic Finance News Awards.
BNP Paribas, CIMB Investment Bank Berhad, Citigroup Global Markets Limited and HSBC acted as joint lead managers and bookrunners for the sukuk issuance.
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