Almana Group’s $215 million Sukuk issuance, in which Gulf International Bank (GIB) played the role of sole bookrunner and joint lead manager, has jointly received The Banker magazine’s Deal of the Year 2012 title for the Islamic Finance-Middle East category.
The Banker’s Deals of the Year Awards celebrate the most impressive financial transactions in various fields. Winners of these awards for this year were announced in the magazine’s May 2012 issue.
In granting the award, The Banker magazine stated that the Qatar-based Almana Group’s $215 million five-year dollar-denominated Sukuk impressed the judges. The Group’s early redemption of the outstanding Dh600 million ($163 million), sukuk due in 2013, ranked as the first ever early redemption by a Qatari corporate. The new Sukuk issuance also stood out for the fact that only GCC banks were involved in the deal.
“Despite uncertainty in the capital markets resulting in Eurobonds being pulled or cancelled, Gulf International Bank’s regional placement capabilities and relationships with GCC investors enabled it to focus on regional liquidity and close the transaction in line with launch price guidance of US$ Libor plus 450 basis points,” the organisers of the award in a statement said.
“We are very pleased with this independent recognition of GIB’s leading role in investment banking and bond issuance. This new award comes as an addition to many other awards the Bank has received during the past 12 months, which reflects GIB’s leadership and the market’s confidence in its investment banking capabilities,” GIB’s Chairman, HE Jammaz bin Abdullah Al-Suhaimi, said.
“GIB has developed considerable expertise in originating, structuring and placing regional Sukuk issuances in the GCC. We view The Banker magazine’s decision to choose Almana Sukuk as a joint winner of the Islamic Finance Deal of the Year for the Middle East in 2012 as recognition of GIB’s leadership and expertise in this field.”
GIB is a leading bank in the Middle East with its principal focus on the GCC states. Its primary shareholder is the Public Investment Fund of Saudi Arabia. The Bank provides client-focused, innovative financial products and services to a wide customer base in the region, including asset management, IPOs, private equity placement, mergers & acquisitions, Sukuk/bond issues and Sharia-compliant banking services.