Clifford Chance

Clifford Chance advises on Axiata Group's US$1.5 billion dual-tranche offering

Leading international law firm Clifford Chance has advised Citi, CIMB, Standard Chartered Bank and UBS as the arrangers and bookrunners on Axiata Group's dual offering of US$500 million 10-year trust certificates and U$1 billion 30-year senior notes, each rated Baa2(s) by Moody's and BBB+(s) by S&P. Axiata is a leading Asian telecommunications group.

The trust certificates were issued off of an updated US$1.5 billion sukuk issuance programme and the senior notes off of a newly established US$1.5 billion euro medium term note programme, listed on the SGX-ST and Bursa Malaysia. The sukuk is the largest US dollar offering out of Malaysia for five years.

Clifford Chance in Singapore, Dubai and Hong Kong advised on the international aspects of the deal. Partners Gareth Deiner and Qudeer Latif advised the arrangers, with the team comprising senior associate Ying Chiang Chong, associates Stephanie Liman and Li Ser Wong, and trainee Mehjabin Ahmed. Partner Johannes Juette, senior consultant James Booth and associate Jason Hitch advised the trustee and delegate. Adnan, Sundra & Low and ZICO Law advised on Malaysian law.

Gareth said, "We'd like to congratulate Axiata and the banks on this landmark achievement in the Malaysian debt capital markets, which was executed under extraordinary circumstances. This transaction once again demonstrates Clifford Chance's ability to field an integrated team to achieve the best possible results for our clients, across English, Singapore and US federal securities law, Islamic finance and debt capital markets."

Clifford Chance has advised on several complex and high-profile debt capital markets and Islamic finance deals in Southeast Asia, including the Republic of Indonesia's US$4.3 billion global bonds, the Republic of Indonesia's landmark US$2.5 billion sukuk and Perusahaan Listrik Negara's US$1.5 billion bond issuance and Serba Dinamik's US$300 million sukuk, the first high-yield sukuk offering in Asia Pacific.