10 May 2019
- Gareth Deiner, Qudeer Latif, Johannes Juette, Ahmed Choudhry, Ying Chiang Chong, Stephanie Juwita Liman
- Singapore, Dubai
Clifford Chance advises on first high yield sukuk offering in Asia Pacific
Leading international law firm Clifford Chance has advised international energy services group Serba Dinamik Holdings Berhad (Serba Dinamik) on the international aspects of its US$300 million high yield sukuk offering, due 2022. The offering was issued by SD International Sukuk Limited (with trust obligations guaranteed by Serba Dinamik) and is listed on the Singapore Stock Exchange and the Labuan International Financial Exchange.
Partner Gareth Deiner led on the deal with Global Head of Islamic Finance Qudeer Latif and partner Johannes Juette. They were supported by a cross-border team in Singapore and Dubai consisting of senior associates Ahmed Choudhry and Ying Chiang Chong, and associate Stephanie Liman. Zaid Ibrahim & Co. acted as Malaysian counsel for Serba Dinamik.
Gareth said, "We are delighted to have advised Serba Dinamik on this ground-breaking transaction, which combines high yield credit concepts with Islamic finance principles – a unique transaction in Malaysia and the broader Asia Pacific. We hope this transaction opens the way for other issuers who may wish to access US dollar high yield markets, while preserving the compliance of their capital structures with Sharia principles."
Qudeer said, "This milestone transaction highlights our market leading capital markets practice and in-depth knowledge of Islamic finance. It also reflects our ability to assemble one team comprising Islamic finance, high yield and US securities experts together with the necessary legal technology to deliver this landmark offering to market."
Clifford Chance has worked on some of the largest and most high-profile sukuk issuances in the world, most recently advising the Indonesian government on the world's first sovereign green sukuk.