7th June 2023
Madinat Jumeirah Conference Centre, Dubai
2023
WINNERS ANNOUNCED
400+
NOMINATIONS RECEIVED IN 2023
200+
HIGH-PROFILE INDUSTRY FIGURES

BONDS, LOANS & SUKUK MIDDLE EAST AWARDS 2023

7TH JUNE | MADINAT JUMEIRAH CONFERENCE CENTRE, DUBAI

"Recognising the most innovative & ground-breaking deals from the Middle East"


Join the industry's most high-profile figures in celebrating!

Since 2014, the Bonds & Loans Awards has been recognising the most innovative and ground-breaking deals from Sovereign, Corporate and Financial Institution issuers and borrowers.

The exhaustive selection process involves close examination of deal size, tenor, structure, and distribution; analysis and background of the borrower and their accessibility to financing; with extra credit for those deals demonstrating high quality execution, accessing new pools of liquidity, innovative structuring, and opening-up new markets.

Bringing together the industry’s most high-profile figures, the Bonds, Loans & Sukuk Middle East AWARDS ceremony is an opportunity to raise the profile of the financial markets with the international investment community, and to inspire future issuance by Middle Eastern companies.

ENQUIRIES: email Awards@GFCMediaGroup.com

2023 AWARD WINNERS:

Sovereign, Supra & Agency Bond Deal of the Year

UAE Federal Government

  • USD3bn Dual Tranche 10 & 30 Year Bonds, 4.050%, 4.951%
  • Issued: June 2022; Matures: July 2032, July 2052
  • Bookrunners/JLMs: ADCB, Bank of America, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, ICBC, JPMorgan, Mashreq, Standard Chartered Bank
  • Legal Adviser to the Issuer: Clifford Chance
  • Legal Adviser to the JLMs: Latham & Watkins
  • Advisor: Lee & Li

Quasi-Sovereign/GRE Bond Deal of the Year

Mubadala

  • USD 500m 3% 2027 & USD 1bn 3.375% 2032 Eurobond
  • Issued: March 2022; Matures: 2027, 2032
  • Bookrunners/JLMs: ADCB, BofA Securities, First Abu Dhabi Bank, HSBC, Intesa Sanpaolo, MUFG, Société Générale
  • Legal Adviser to the Issuer: Allen & Overy
  • Legal Adviser to the JLMs: Clifford Chance

Corporate Bond Deal of the Year

Majid Al Futtaim

  • USD500m 7.875% Subordinated Perpetual NC5.25 Green Bond
  • Issued: June 2022; Matures: Perpetual
  • Global Coordinators: Citi, HSBC, Standard Chartered Bank
  • Bookrunners/JLMs: ADCB, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Standard Chartered Bank
  • Legal Adviser to the Issuer: Clifford Chance, Maples and Calder (Dubai)
  • Legal Adviser to the JLMs: Dentons

Structured Bond Deal of the Year

Sweihan PV Power Company

  • USD701m 3.625% Senior Secured Green Bonds
  • Issued: January 2022; Matures: January 2049
  • Bookrunners/JLMs: BNP Paribas, Citi, First Abu Dhabi Bank, HSBC, MUFG, SMBC Nikko
  • Legal Adviser to the Issuer: White & Case
  • Legal Adviser to the JLMs: Norton Rose Fulbright
  • Issuer Financial Advisor: Emirates Water & Electricity Company, Alderbrook Finance
  • Sponsors’ Names: Abu Dhabi National Energy Company, Marubeni Corporation, Jinko Solar

Bank/FI Bond Deal of the Year

First Abu Dhabi Bank

  • USD700mn Senior Unsecured 5-Year Green Bond
  • Issued: October 2022; Matures: October 2027
  • Bookrunners/JLMs: Citi, Deutsche Bank, First Abu Dhabi Bank, Mizuho, Standard Chartered Bank
  • Legal Adviser to the Issuer: Dentons
  • Legal Adviser to the JLMs: Allen & Overy

ECA, DFI, IFI Deal of the Year

Amunet Wind Power Project

  • USD700m Project Financing
  • Issued: November 2022
  • Offtaker: Egyptian Electricity Holding Company
  • Sponsors: AMEA Power, Sumitomo Corporation
  • MLAs & Joint Green Coordinators : International Finance Corporation, SMBC, Standard Chartered Bank
  • Bookrunners: CIB Egypt, IFC, JBIC, Standard Chartered Bank, SMBC, Sumitomo Mitsui Trust Bank, Nippon Export and Investment Insurance (NEXI)
  • Legal Adviser to the Borrower: Baker McKenzie Egypt Helmy, Hamza & Partners, Clifford Chance
  • Legal Adviser to the Lenders: Milbank, Shalakany Legal Office

Abydos Solar Power Project

  • USD325m Project Financing
  • Issued: November 2022
  • Offtaker: Egyptian Electricity Holding Company
  • Sponsor: AMEA Power
  • Bookrunners: FMO, IFC, JICA
  • Legal Adviser to the Borrower: Baker McKenzie Egypt Helmy, Hamza & Partners, Clifford Chance
  • Legal Adviser to the Lenders: Norton Rose Fulbright, Sharakawy & Sarhan

ESG Bond Deal of the Year

The Government of the Emirate of Sharjah

  • USD1bn 6.5% 144A/RegS Sustainability Bond
  • Issued: February 2023; Matures: November 2032
  • Bookrunners/JLMs: ADCB, Citi, First Abu Dhabi Bank, GIB, HSBC, Intesa Sanpaolo, Invest Bank, SMBC
  • Legal Adviser to the Issuer: Clifford Chance
  • Legal Adviser to the JLMs: Allen & Overy

Global Bank/FI Sukuk Deal of the Year

The Saudi National Bank

  • USD750m Inaugural Sustainable RegS Only Senior Unsecured Sukuk Offering

  • Issued: January 2022; Matures: January 2027
  • Bookrunners/JLMs: Citi, Emirates NBD Capital, Goldman Sachs, HSBC, Mizuho, SNB Capital
  • Legal Adviser to the Issuer: Allen & Overy, Khosaim & Associates
  • Legal Adviser to the JLMs: Linklaters
  • Obligor / Issuer Name: SNB Sukuk Ltd

Global Corporate Sukuk Deal of the Year

Air Lease Corporation

  • USD600m 144a/RegS Senior Unsecured Sukuk
  • Issued: March 2023; Matures: April 2028
  • JLMs/Bookrunners: Al Rayan, Bank ABC, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, KFH Capital, Warba Bank
  • Legal Adviser to the Issuer: Allen & Overy, Walkers (Dubai) LLP
  • Legal Adviser to the JLMs: Clifford Chance

Global Sovereign Sukuk Deal of the Year

The Arab Republic of Egypt Represented by the Ministry of Finance

  • USD1.5bn 144a/RegS Senior Unsecured Sukuk

  • Issued: February 2023; Matures: February 2026
  • Bookrunners/JLMs: Abu Dhabi Islamic Bank, CA-CIB, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC
  • Legal Adviser to the Issuer: Clifford Chance, ADSERO – Ragy Soliman & Partners
  • Legal Adviser to the JLMs: Linklaters, Zaki Hashem & Partners

Ground-breaking Deal of the Year

The Public Investment Fund

  • USD3bn RegS Triple-tranche (including Century Tranche) Senior Unsecured ESG Bond
  • Issued: Oct 2022; Matures: Oct 2027, Oct 2032, Oct 2122
  • Global Coordinators: BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JPMorgan
  • Joint Green Structurers and Active Bookrunners: Credit Agricole, Standard Chartered
  • Active Bookrunners: First Abu Dhabi Bank, HSBC, Mizuho, SMBC Nikko, SNB Capital, Société Générale
  • Passive Bookrunners: ANB Capital, BofA Securities, Bank of China, GIB Capital, ICBC, Intesa SanPaolo IMI, Morgan Stanley, MUFG, Natixis, Riyad Capital, Saudi Fransi Capital
  • Legal Advisers to the Issuer: Latham & Watkins, Walkers (Dubai) LLP
  • Legal Advisers to the JLMs: Linklaters

ESG Loan Deal of the Year

The Oil and Gas Holding Company

  • USD2.2bn Sustainability Linked Facility
  • Issued: April 2022 ; Matures: September 2026
  • Bookrunners/JLMs: Mashreq, Gulf International Bank
  • Legal Adviser to the Borrower: Linklaters
  • Legal Adviser to the JLMs: Norton Rose Fulbright

Equity Capital Markets Deal of the Year

Dubai Electricity and Water Authority

  • USD6.1bn Initial Public Offering
  • Issued: April 2022;
  • Global Coordinators: Citi, Emirates NBD Capital, HSBC
  • Bookrunners: Credit Suisse, EFG Hermes, First Abu Dhabi Bank, Goldman Sachs
  • Legal Adviser to the Issuer: White & Case, Ibrahim & Partners
  • Legal Adviser to the JLMs: Clifford Chance

M&A Deal of the Year

ADNOC Refining

  • Monetization of ADNOC Refining’s waste management assets in Ruwais

  • Adviser to Seller: Standard Chartered
  • Seller Name: ADNOC Refining
  • Acquirer: ADQ, Veolia, Vision Invest

Syndicated Loan Deal of the Year

The Public Investment Fund

  • USD17bn Senior Unsecured Syndicated Loan
  • Issued: Nov 2022; Matures: 2029
  • Bookrunners and MLAs: BofA Securities, BNP Paribas, CA-CIB, Citi, First Abu Dhabi Bank, HSBC, JPMorgan, Mizuho, SMBC
  • MLAs: ADCB, Agricultural Bank of China, Bank of China, Barclays, Emirates NBD Capital, Goldman Sachs, ICBC, MUFG, NBK, Santander, Standard Chartered, State Bank of India
  • Lead Arrangers: Credit Suisse, ING, Morgan Stanley, Société Générale
  • Legal Advisers to the Borrower: Clifford Chance
  • Legal Advisers to the Bookrunners: Linklaters

Structured Loan Deal of the Year

Neom Green Hydrogen Co. Ltd.

  • USD5.7bn Neom Green Hydrogen Project Finance Loan
  • Issued: December 2022; Matures: 6 tranches with maturity ranging from 18 years to 30 years
  • Bookrunners/MLAs:, ADCB, Alinma Bank, APICORP, Banque Saudi Fransi, BNP Paribas, CA-CIB, DZ Bank AG London, First Abu Dhabi Bank, HSBC, JP Morgan, KFW IPEX- Bank GMBH, Korea Development Bank, Saudi British Bank, Mizuho, MUFG, Natixis, Norinchukin Bank, Riyad Bank, SMBC, Standard Chartered Bank, Saudi National Bank
  • Global Green Loan Coordinator: Standard Chartered Bank
  • Legal Adviser to the Borrower: White & Case
  • Legal Adviser to the JLMs: Allen & Overy
  • Advisors: ADCB, KFW IPEX-Bank GMbH, Indecs Insurance Consultants, Lazard, L&T Sargent & Lundy, Natixis, RINA, SMBC
  • Sponsors: ACWA Power, Air Products, NEOM Company

Mid-Cap Debt Deal of the Year

Arada Developments

  • USD350m 5-Yr Sukuk 8.125%
  • Issued: May 2022; Matures: May 2027
  • Bookrunners/JLMs: ADCB, Ajman Bank, Al Rajhi Capital, Dubai Islamic Bank, Emirates NBD Capital, Kamco Investment Company, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank, Warba Bank
  • Legal Adviser to the Issuer: Allen & Overy, Walkers (Dubai) LLP
  • Legal Adviser to the JLMs: Clifford Chance

Islamic Syndication of the Year

Al Rajhi Bank and Investment Corporation

  • USD1.165bn Dual-Tranche Sustainability-Linked Commodity Murabaha Facility

  • Issued: Sep 2022; Matures: Sep 2025
  • Initial MLAs, Coordinators and Bookrunners: HSBC, SMBC
  • Legal Adviser to the Borrower: Hogan Lovells
  • Legal Advisers to the JLMs: Norton Rose, Mohammed Al-Ghamdi Law Firm

Islamic Structured Finance Deal of the Year

Moove Sukuk Company

  • USD30m Senior Secured, RegS, Private Placement Sukuk

  • Issued: February 2023; Matures: 2028
  • Bookrunners/JLMs: Franklin Templeton
  • Legal Adviser to the Issuer: White & Case, Walkers (Dubai) LLP
  • Legal Adviser to the JLMs:, Addleshaw Goddard (Middle East) LLP, Stibbe NV
  • Advisors: Loyens & Loeff NV, Norton Rose Fulbright, Walkers (Dubai) LLP

Acquisition Finance Deal of the Year

Crystal Port Holding

  • USD2.9bn Acquisition Financing
  • Issued: June 2022
  • Underwriters: Citi, JP Morgan
  • Coordinating Bookrunner: Citi, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, Standard Chartered Bank
  • Bookrunners/JLMs: Abu Dhabi Commercial Bank, CA-CIB, Export Development Canada (EDC), Scotiabank, Société Générale
  • Legal Adviser to the Issuer: Allen & Overy
  • Legal Adviser to the JLMs: Latham & Watkins
  • Sponsors’ Names: Caisse de dépôt et placement du Québec (CDPQ)

Leveraged Finance Deal of the Year

Advanced Inhalation Rituals

  • USD525m Acquisition Finance Facility

  • Issued: November 2022; Matures: November 2027
  • Bookrunners/JLMs: Commercial Bank of Dubai, Credit Suisse, First Abu Dhabi Bank, Mashreq, Standard Chartered Bank
  • Legal Adviser to the Borrower: Latham Watkins
  • Legal Adviser to the JLMs: Clifford Chance

Liability Management Deal of the Year

Sultanate of Oman

  • USD701.1m Cash Tender Offer via a Modified Dutch Auction Mechanism
  • Issued: June 2022
  • Dealer Managers: Citi, Goldman Sachs, HSBC
  • Legal Adviser to the Dealer Managers: Allen & Overy, AMJ
  • Legal Adviser to the Issuer: Dechert, MAQ
  • Obligor / Issuer Name: Sultanate of Oman

Local Currency Bond Deal of the Year

Emirates NBD

  • AED 1.0bn 3-year Bond
  • Issued: January 2023; Matures: January 2026
  • Bookrunners/JLMs: Emirates NBD Capital, HSBC, ICBC (Asia), ICBC Dubai, Mashreq
  • Legal Adviser to the Issuer: Clifford Chance
  • Legal Adviser to the JLMs: Linklaters

Infrastructure Finance Deal of the Year

Abu Dhabi Offshore Power Transmission Company

  • USD3.11bn Project Finance
  • Issued: September 2022
  • Bookrunners/JLMs: BNP Paribas, Export-Import Bank of Korea, JBIC, Mizuho, SMBC, Standard Chartered Bank
  • Legal Adviser to the Issuer: Hadef & Partners
  • Legal Adviser to the JLMs: Milbank
  • Sponsors: ADNOC, Electricite De France (EDF) Korea Electric Power Corporation (KEPCO), Kyushu Electric Power Company (Kyushu), TAQA
  • Lender’s Technical Advisor: Lummus Consultants
  • Lender’s E&S Advisor: ERM
  • Lender’s Insurance Advisor: Willis Towers Watson Brokers

Metals & Mining Deal of the Year

Aluminium Bahrain

  • USD1.7bn Sustainability-Linked Dual Tranche Islamic and Conventional Term Facilities
  • Issued: 2022; Matures: 2030
  • Bookrunners/JLMs: Bank ABC, GIB, National Bank of Bahrain
  • Legal Adviser to the Borrower: Latham & Watkins
  • Legal Adviser to the JLMs: Allen & Overy

Oil & Gas Deal of the Year

GreenSaif Pipelines Bidco

  • USD4.5bn 3-tranche Senior Secured Project Bond, Including Sukuk and Formosa Tranches
  • Issued: February 2023; Matures: 2032, 2038, 2042
  • Bookrunners/JLMs: ADCB, BNP Paribas, Citigroup, First Abu Dhabi Bank, HSBC, JP Morgan, MUFG Securities, SMBC Nikko Capital Markets
  • Legal Adviser to the Issuer: Simpson Thacher & Bartlett, Loyens & Loeff Luxembourg, Al Tamimi & Company
  • Legal Adviser to the JLMs: Milbank, Khoshaim & Associates, Arendt & Medernach
  • Legal Adviser to the Delegate as to English law: Linklaters
  • Sponsors: TMS Issuer S.à r.l. GreenSaif Pipelines Bidco S.à r.l., BlackRock Capital Markets
  • Vendor: Saudi Aramco

Power Finance Deal of the Year

ACWA Power

  • Marafiq Red Sea for Energy Company, USD1.3bn Senior Secured Project Finance Loan
  • Issued: February 2022; Matures: 2049
  • MLAs: APICORP, Al Rajhi Bank, Banque Saudi Fransi, Riyad Bank, The Saudi National Bank, SABB, Standard Chartered Bank
  • Legal Adviser to the Issuer: Covington & Burling
  • Legal Adviser to the JLMs: DLA Piper
  • Sponsors: ACWA Power (50%), SPIC Huanghe Hydropower Development (35%), Saudi Tabreed Cooling Company (15%)

Real Estate Finance Deal of the Year

Nakheel

  • AED17bn Term Finance Facility
  • Issued: June 2022; Matures: 2032
  • Bookrunners/JLMs: Dubai Islamic Bank, Emirates NBD, Mashreq
  • Legal Adviser to the Issuer: White & Case
  • Legal Adviser to the JLMs: Allen & Overy

Structured Finance Deal of the Year

GreenSaif Pipelines Bidco

  • USD15.8bn 2-tranche Senior Secured Loan
  • Issued: February 2022
  • Bookrunners/JLMs: ADCB, Agricultural Bank of China, Bank of America, Bank of China, BNP Paribas, China Construction Bank, Citi, CA-CIB, FAB, HSBC, ICBC JPMorgan, Mizuho, MUFG, Natixis, Riyad Bank, Société Générale, Standard Chartered, SMBC
  • Legal Adviser to the Borrower: Allen & Overy, Simpson Thatcher
  • Legal Adviser to the JLMs: Clifford Chance
  • Advisor(tax): Deloitte
  • Advisor (technical and environmental): DNV
  • Sponsors: BlackRock Real Assets, Hassana Investment Company
  • Vendor: Saudi Aramco

Transport Finance Deal of the Year

Etihad Rail

  • AED1.99b Green Loan Term Facility
  • Issued: February 2022; Matures: December 2031
  • Bookrunners/JLMs: First Abu Dhabi Bank
  • Legal Adviser to the Issuer: Dentons
  • Legal Adviser to the JLMs: Clifford Chance
  • Advisor: White & Case (legal counsel to Emirate of Abu Dhabi)
  • Sponsor’s Name: The Government of Abu Dhabi (represented by The Finance Department of the Government of Abu Dhabi) & The UAE Ministry of Finance

Aircraft Finance Deal of the Year

Air Lease Corporation

  • USD 600m 144a/RegS Senior Unsecured Sukuk
  • Issued: March 2023; Matures: April 2028
  • JLMs/Bookrunners: Al Rayan, Bank ABC, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, KFH Capital, Warba Bank
  • Legal Adviser to the Issuer: Allen & Overy, Walkers (Dubai) LLP
  • Legal Adviser to the JLMs: Clifford Chance

Regional Investment Bank of the Year

Emirates NBD Capital

MENA Debt (Bonds & Loans) House of the Year

Standard Chartered Bank

Sovereign, Supra, Agency Bond House of the Year

HSBC

Corporate Bond House of the Year

Citi

Financial Institution Bond House of the Year

Standard Chartered Bank

Sukuk House of the Year

HSBC

ESG Bond House of the Year

Standard Chartered Bank

Local Currency Bond House of the Year

HSBC

International Equity Capital Markets House of the Year

Citi

Local Equity Capital Markets House of the Year

Emirates NBD Capital

Loan House of the Year

Emirates NBD Capital

ESG Loan House of the Year

HSBC

Islamic Syndications House of the Year

Emirates NBD Capital

Mid-Cap Debt House of the Year

Mashreq

Leveraged Finance Bank of the Year

First Abu Dhabi Bank

Structured Finance Bank of the Year

First Abu Dhabi Bank

Sovereign, Supra & Agency Treasury & Funding Team of the Year

National Debt Management Center (NDMC), Saudi Arabia

Quasi-Sovereign/GRE Treasury & Funding Team of the Year

The Public Investment Fund

Bank Treasury & Funding Team of the Year

First Abu Dhabi Bank

Project Sponsor of the Year

ACWA Power

Best Global Sukuk Fund Strategy (1 Year)

Arqaam Capital

Best Global Sukuk Fund Strategy (3 Years)

Franklin Templeton

Best MENA Equity Fund Strategy

FIM Partners

Best MENA Fixed Income Fund Strategy (1 Year)

SICO

Best MENA Fixed Income Fund Strategy (3 Years)

Franklin Templeton

Debt Capital Markets Legal Adviser of the Year

Linklaters LLP

Banking & Finance Legal Adviser of the Year

Allen & Overy LLP

Sukuk Legal Adviser of the Year

Allen & Overy LLP

Islamic Banking & Finance Legal Adviser of the Year

Allen & Overy LLP

Equity Capital Markets Legal Adviser of the Year

White & Case LLP

AWARDS CATEGORIES:

Deal of the Year Awards Awards for Excellence Investor Awards
Sovereign, Supra & Agency Bond Deal of the Year Regional Investment Bank of the Year Best Global Sukuk Fund Strategy (1 Year)
Quasi-Sovereign/GRE Bond Deal of the Year MENA Debt (Bonds & Loans) House of the Year Best Global Sukuk Fund Strategy (3 Years)
Corporate Bond Deal of the Year SSA Bond House of the Year Best MENA Equity Fund Strategy
Structured Bond Deal of the Year Corporate Bond House of the Year Best MENA Fixed Income Fund Strategy (1 Year)
Bank/Financial Institution Bond Deal of the Year Financial Institutions Bond House of the Year Best MENA Fixed Income Fund Strategy (3 Years)
ECA, DFI, IFI Deal of the Year Sukuk House of the Year
ESG Bond Deal of the Year ESG Bond House of the Year
Global Bank/Financial Institution Sukuk Deal of the Year Local Currency Bond House of the Year
Global Corporate Sukuk Deal of the Year Equity Capital Markets House of the Year
Global Sovereign Sukuk Deal of the Year Loan House of the Year
Ground-breaking Deal of the Year ESG Loan House of the Year
ESG Loan Deal of the Year Islamic Syndications House of the Year
Equity Capital Markets Deal of the Year Mid-Cap Lender of the Year
M&A Deal of the Year Leveraged Finance Bank of the Year
Syndicated Loan Deal of the Year Structured Finance Bank of the Year
Structured Loan Deal of the Year Debt Capital Markets Legal Adviser of the Year
Mid Cap Debt Deal of the Year International Equity Capital Markets House of the Year
Islamic Syndication of the Year Local Equity Capital Markets House of the Year
Islamic Structured Finance Deal of the Year Banking & Finance Legal Adviser of the Year
Real Estate Finance Deal of the Year Sukuk Legal Adviser of the Year
Acquisition Finance Deal of the Year Sovereign, Supra & Agency Treasury & Funding Team of the Year
Leveraged Finance Deal of the Year Quasi-Sovereign/GRE Treasury & Funding Team of the Year
Liability Management Deal of the Year Bank Treasury & Funding Team of the Year
Local Currency Bond Deal of the Year Project Sponsor of the Year
Infrastructure Finance Deal of the Year Equity Capital Markets Legal Adviser of the Year
Metals & Mining Deal of the Year Islamic Banking & Finance Legal Adviser of the Year
Oil & Gas Deal of the Year
Power Finance Deal of the Year
Social Infrastructure Deal of the Year
Structured Finance Deal of the Year
Transport Finance Deal of the Year
Aircraft Finance Deal of the Year

HIGHLIGHTS VIDEO FROM 2022:

2022 PHOTO GALLERY: