Norton Rose Fulbright advises Tenaga Nasional Berhad on US$750m sukuk issuance

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.

For further information please contact:

Gemma Perks, Senior PR Manager
Tel: +44 (0)20 7444 3104; Mob: +44 (0)7711 191230
gemma.perks@nortonrosefulbright.com

Notes for editors:

Norton Rose Fulbright

Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.

Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.

Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.