Best sukuk house
Best Islamic project finance house
Although it is no longer the multi-jurisdiction Islamic finance power it once was, HSBC remains the most successful player in international sukuk. During the period under review it raised the greatest dollar amount of international sukuk, the most by far from the Gulf Cooperation Council countries and the most Islamic bonds overall – $6.609 billion in 109 issues.
However, it’s not just volume that wins HSBC this award, but the quality and innovation of many of the transactions. HSBC was a lead manager on our deal of the year for Saudi Electricity, on the tier 1 sukuk we highlight in giving Abu Dhabi Islamic Bank the best bank in the Middle East award, and on the Almarai perpetual corporate hybrid that won our local-currency award.
Other highlights have included a $1 billion tier 1 capital sukuk from Dubai Islamic Bank, a dual-tranche sukuk from Malaysia’s Sime Darby, a tier 2 sukuk from Bank Asya, a SR15.2 billion ($4.05 billion) issue for Saudi Arabia’s General Authority of Civil Aviation – the biggest single-tranche sukuk ever issued – and a M$200 million sukuk from Al Bayan Group, the first Saudi issue in ringgit.