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All HSBC's awards came in the debt markets, a reflection of the increasing sophistication of debt raising by regional corporates and financial institutions. Each deal was a ground-breaking transaction in its own way:
• In Bahrain, HSBC acted as Joint Bookrunner, for Bank of Bahrain and Kuwait's (BBK) debut public issue in the international debt capital markets, which was from the largest bond issue Bahrain in 2006. BBK achieved an oversubscription as well as competitive pricing by virtue of a proactive marketing campaign conducted by senior management with the Joint Bookrunners, setting a new benchmark for Bahraini banks. 33% of investors were from the Middle East, 51% from Europe, with 16% from Asia.
• In Yemen, HSBC provided the first ever Export Credit Agency (ECA) transaction to be written in accordance with Shariah law for Sabafon, the leading telecoms company in Yemen. Underlining HSBC's dominance in developing markets, the deal was completed amid very limited appetite for debt from Yemen in the regional and international debt markets. HSBC's ability to offer medium-term financing to a Yemeni corporate without any guarantees or offshore security sets a significant benchmark for future financing in the Yemeni corporate sector.
• In Egypt, HSBC acted as a Joint Lead Financial Advisor for the EGP50 million Securitisation Deal for Egyptian Arab Land Bank which was chosen the "Deal of the Year" for Egypt this year. The deal was the largest securitization in the Egyptian capital market, which is fairly new to this type of product. Additionally, it was the first deal to capitalise on the booming real estate market in the country.
• In Malaysia, HSBC acted as joint bookrunner for the $750 million sukuk from Kazanah Nasional Berhad. The transaction was the world's first ever fully Shariah-compliant Islamic Exchangeable Bond, the largest ever equity-linked issue out of Malaysia, and the largest equity linked issue in Asia-ex Japan since January 2005.
"These awards demonstrate HSBC's outstanding capabilities in the Middle East, and in the field of Islamic finance," said Declan Hegarty, HSBC's Managing Director of Debt Capital Markets.
"We are delighted to have been recognized by an international title such as The Banker for these deals, and look forward to completing many more for clients in 2007."
HSBC is the number one arranger of bonds and sukuks in the Middle East over the last five years, and is the only international bank with its main trading desk in MENA debt located in the Middle East.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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