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Maybank Islamic Berhad:

Global Sukuk Issuance

27 May 2021 Presenter:

Nur Hidayah Salim
Co-Head, Islamic Capital Markets,
Corporate & Investment Banking

Humanising Financial Services

1
Table of Contents

1 Sukuk Market Overview

Maybank’s experience in Global Sukuk Market

2

3 Common Global Sukuk Structures

Introduction to ASEAN Social Sukuk & Sustainable and Responsible

4
Investment Sukuk

5 Selected Global Sukuk Transaction Highlights

66 Introduction to the Maybank Group and our Regional Debt Capital Markets
Credentials

2
SECTION 1
SUKUK MARKET OVERVIEW
 Recent Islamic Finance Developments Globally
Islamic finance activities continue to pick up globally alongside expected growth in the Sukuk market
Recent Islamic Finance Developments – excluding MENA
 Issued a sophomore sovereign Sukuk of GBP500.0 million in March and
April 2021 respectively after its first issuance in 2014
United  Bank of England’s announced its alternative liquidity facility which
Kingdom enables Islamic banks to invest in high quality liquid assets (HQLA)
requirements
 The Capital Market Development Agency finalised draft regulations on
Sukuk to prepare for a first issuance
 Commercial banks are in the process of setting up Islamic banking
Uzbekistan windows as the country awaits for a finalised Islamic Banking legal
framework
 Bangladesh Bank gave its greenlight for the first conventional non-bank
financial institution to provide Shariah services
 Corporates are gearing up and announced preparations for Sukuk
Bangladesh
issuances, to follow the country’s debut sovereign Sukuk launched in
December 2020 of BDT80 billion (US$927.86 million)
Global Sukuk Market Outlook
 Global sukuk supply is expected to increase as issuers seek to refinance
maturing debt and fund large budget needs. S&P Global Ratings forecasts
total Sukuk issuance volume to reach USD140 billion - USD155 billion in
2021.
 Expected recovery in 2021 GDP growth rates in core Islamic finance
countries alongside stabilizing oil prices underpin stronger forecasted
performance by the Sukuk market.
 Innovative issuances (green, sustainable, social, transition, hybrid) are
likely to continue to attract wider investor demand, though their
contribution to Sukuk volumes is expected to remain small.
 The market is expecting progress on a unified global legal and regulatory
Islamic finance framework by Dubai Islamic Economy Development Center
(DIEDC), which may help resolve the lack of standardization in the
industry.

Global Sukuk Market Growth Sovereign Sukuk Pipeline

USD ‘bil Global Sukuk Issuance (2015-2020)
200 Issuer Estimated Size Remarks
Total Issuance Volume
150 Egypt’s senate approves bill in principle to
Egypt --
100 issue its first sovereign Sukuk in 2021
Oversubscribed by 6.4 times for its issuance
50 Malaysia USD1.3bil
of first sovereign Sustainability Sukuk in 2021
0 South Expected issuance in 2021 to diversify its
2015 2016 2017 2018 2019 2020 Up to USD3.0bil
Africa debt profile
 The Global Sukuk market has enjoyed significant growth since 2013. TND300mil Reportedly considering a domestic Sukuk
Historically, majority of issuances came from Saudi Arabia and Tunisia
(USD111mil) facility in first half of 2021
Malaysia but recent years witnessed an increasing number of issuers
from new markets, as well as a deeper and broader investor base. Returning Issuer to the Sukuk market

Source: S&P Global Ratings, Fitch Ratings, Islamic Finance News, Maybank IB
4
Development of Global Sukuk Market
Sukuk is a sustainable and diversified debt funding source by governments and corporates
Morocco
1990 - 2000 2001 - 2005 2006 - 2010 2011 - 2015 Maldives

2016 - 2020
France
Ireland
Togo
China
Jordan
Kenya
Ivory Coast Ivory Coast
Senegal Senegal
South Africa South Africa
United Kingdom United Kingdom
Hong Kong Hong Kong
Kazakhstan Kazakhstan
Luxembourg Luxembourg
Nigeria Nigeria
Oman Oman
Yemen Yemen
Bangladesh Bangladesh Bangladesh
Brunei Brunei Brunei
Gambia Gambia Gambia
Japan Japan Japan
Turkey Turkey Turkey
United States United States United States
Bahrain Bahrain Bahrain Bahrain
Indonesia Indonesia Indonesia Indonesia
Kuwait Kuwait Kuwait Kuwait
Pakistan Pakistan Pakistan Pakistan
Legend: Qatar Qatar Qatar Qatar
Denotes Islamic country Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia
Singapore Singapore Singapore Singapore
UAE UAE UAE UAE
Malaysia Malaysia Malaysia Malaysia Malaysia

5
 Sukuk Snapshot
Global Sukuk Market

Source of Publication: RAM Rating’s Sukuk Snapshot

6
 Sukuk Snapshot
Malaysian Sukuk Market

Source of Publication: RAM Rating’s Sukuk Snapshot

7
SECTION 2
MAYBANK’S EXPERIENCE IN
GLOBAL SUKUK MARKET
 Our USD Sukuk Track Record
Recent performance in USD Sukuk space includes landmark deals from Asia and the Middle East
Issuer Facility Issue Amount Tenure Rating Profit Subscription Format Maybank’s Role Deal Highlight
(USD mil’) (years) (M/S/F) Rate Rate

USD25.0 750.0 5 2.300% 7.4x

billion Trust 1,000.0 10 Baa2/ 2.800% 5.6x Joint Lead Landmark issuance with the
Reg S /
Certificate BBB/ Manager, Joint lowest profit rate achieved by
PERUSAHAAN PENERBIT SBSN 144A
INDONESIA III Issuance 750.0 30 BBB 3.800% 7.4x Bookrunner the Republic of Indonesia
June 2020 Programme

USD Senior 3.002% Joint Lead Largest USD Sukuk issuance

Fixed Rate 750.0 5.25 A3/-/A (MS + 140 3.14x Reg S Manager, Joint pursuant to DIB’s Programme for
DIB SUKUK LIMTED
November 2019
Notes bps) Bookrunner 2019

USD2.0 billion
Trust 4.264% Joint Lead First Qatari senior USD Sukuk
QATAR INTERNATIONAL ISLAMIC
Certificate 500.0 5 A3/-/- (MS + 175 6.90x Reg S Manager, Joint issued since Saudi-led regional
BANK Issuance bps) Bookrunner blockade on Qatar
March 2019 Programme
750.0 5.5 3.900% 2.80x This transaction has the
USD25.0
Joint Lead distinction of being the 1st USD
billion Trust Baa2/
Reg S / Arranger, Joint Green Sukuk, the 1st USD Green
Certificate BBB-/
PERUSAHAAN PENERBIT SBSN
1,250.0 10 4.400% 3.80x 144A Lead Manager, Sovereign Sukuk/Bond, and the
INDONESIA III Issuance BBB
Joint Bookrunner 1st USD Sovereign Sukuk under
February 2019 Programme
the principle of Wakala, in 2019

USD3.0 Billion Diverse geographical

Joint Lead
Certificate distribution, expanding its
SIB SUKUK COMPANY III 500.0 5 A3 3.084% 3.2x Reg S Manager, Joint
Issuance investor reach beyond the
LIMITED Bookrunner
September 2016 Programme Middle East

Joint Lead
Islamic Trust Indonesia’s First Corporate USD
500.0 5 N/A 5.950% 3.80x Reg S Manager, Joint
GARUDA GLOBAL SUKUK Certificates Sukuk Issuer
LIMITED
Bookrunner
June 2015

Source: Bloomberg Award-Winning Transactions Denotes Green/ Sustainability transactions

9
USD Sukuk (with Green Tranche): Indonesia’s USD2.5 billion Sovereign Sukuk
Unprecedented landmark transaction amidst the backdrop of a volatile market environment
Transaction Details
Transaction Overview Perusahaan Penerbit SBSN Indonesia III, a wholly-
Issuer owned, special purpose funding vehicle of the
 The Issuer, Perusahaan Penerbit SBSN Indonesia III, is a wholly-owned, Republic of Indonesia (“RoI”)
special purpose financing vehicle of the Republic of Indonesia USD2.5 billion issuance comprising of Green & Non-
PERUSAHAAN PENERBIT SBSN
INDONESIA III  The transaction has three (3) tranches comprising a Green tranche, of Green Sukuk pursuant to RoI’s USD25.0 billion Trust
Instrument
which proceeds will be used to finance and/or refinance expenditure Certificate Issuance Program (“USD Sovereign
Joint Lead Arranger, Joint Lead directly related to Shariah-compliant Eligible Green Projects as Sukuk”)
Manager, Joint Bookrunner and defined in RoI’s Green Bond and Green Sukuk Framework (“Green Wakala
Islamic Principle
Joint Shariah Adviser Sukuk”), and two (2) non-Green tranche for Shariah-compliant
financing requirements (“Non-Green Sukuk”). Tenure Issue Size
Profit Rate
USD Sovereign Sukuk (Years) (USD’ mil)

USD2.5 billion 5 (Green) 750.0 2.30% p.a.

Issue Details
June 2020 10 1,000.0 2.80% p.a.

30 750.0 3.80% p.a.

Transaction Highlights 2,500.0

Issue Date 23 June 2020
 Market Breakthroughs
 Lowest ever coupon/profit rate achieved for a 5y and 10y issuance by RoI in either conventional or Sukuk formats; Moody’s: Baa2
 Lowest ever profit rate achieved for a 30y Sukuk issuance; Rating S&P’s: BBB
 First 30y Sukuk issued by RoI; Fitch: BBB
 Largest ever 30y Sukuk issued out of Asia; and Format Reg S/144A
 Largest ever order book built by RoI across both conventional and Sukuk formats. Listing SGX-ST, Nasdaq Dubai
 Tight Pricing which Exceeded Client’s Expectations
 Strong demand enabled all 3 Sukuk tranches to be priced inside their respective fair value, with negative new Green Sukuk : To finance and/or refinance
issuance premium. expenditure directly related to
 Pricing tightened by an astounding 70bps across all tranches from their initial price guidance to land at 2.30%, Shariah-compliant Eligible Green
2.80% and 3.80% for the 5y, 10y and 30y tranches respectively. Use of Proceeds Projects
 The Sukuk pricing achieved is even tighter than RoI’s recent conventional bond issuance in April 2020. Non-Green : For Shariah-compliant financing
 Overwhelming Demand from a Successful Bookbuilding Exercise: At the time of the final price guidance, total orders Sukuk requirements
peaked in excess of USD21.0 billion. This is the largest order book ever achieved for RoI, for either conventional or
Sukuk offerings. More than 207 accounts participated in this landmark transaction, with a diverse mix of investors Joint Lead Manager, Joint Bookrunner, Principal
being part of the final orderbook. Maybank’s Role
Adviser, Joint Shariah Adviser

10
Perusahaan Penerbit SBSN Indonesia III’s USD25.0 billion Trust Certificate Program
Transaction Diagram

Source: Offering Memorandum (16 June 2020)

11
Dubai Islamic Bank’s USD750.0 million Islamic Trust Certificate
Tightest pricing achieved by an FI Sukuk since 2015

Transaction Overview Transaction Details

 DIB Sukuk Limited was incorporated in 2012 in the Cayman Islands, as

Issuer : DIB Sukuk Limited
a special purpose vehicle for Dubai Islamic Bank PJSC (“DIB”)’s
DIB SUKUK LIMITED issuance of its Sukuk programme.
Obligor : Dubai Islamic Bank PJSC
Joint Lead Manager, Joint  The obligor, DIB, rated A3 by Moody’s and A by Fitch, is the world’s
Bookrunner first full-service Islamic bank and the largest Islamic bank in the UAE
by total assets. USD7.5 billion Trust Certificate Issuance
Facility :
Islamic Trust Certificates Programme
 DIB’s- second foray into the international debt capital markets in
USD750.0 million 2019, having already tapped the capital markets earlier in the year Islamic
with a USD750mn Additional Tier 1 NC6 issuance priced at 6.250%. : Wakalah Bi Al- Istithmar
Principle
November 2019

Issue Size : USD750.0 million

Transaction Highlights Issue Tenure : 5 years

 Strong demand with Oversubscribed Book: The transaction came on the back of a well attended deal Profit Rate : 2.950%
roadshow in Hong Kong and London on the 11th and 13th of November 2019 respectively, which translated into
strong international participation in the order book. The transaction witnessed robust oversubscription levels Issue Date : 20 November 2019
despite DIB tapping the capital markets earlier in the year. Total orders peaked over USD2bn representing an
oversubscription of 2.7x, a momentous feat given the relatively tight pricing versus secondaries.
Rating : A3 by Moody’s, A by Fitch
 Tight Pricing: The transaction was announced at 9:00am Dubai open on Thursday,14thNovember with IPTs
for the Long 5 year Sukuk at MS + 160bps area. After only an hour of bookbuilding, the books surpassed Listing : Euronext Dublin, NASDAQ Dubai
USD1bn indicating strong demand for DIB paper and investor confidence in its credit. A revised price
guidance was released at MS + 145bps area, a tightening of 15bps on the back of order books in excess of
USD2bn. The transaction was launched at around 5:00pm Dubai time at MS + 140bps, representing a Maybank’s
: Joint Lead Manager, Joint Bookrunner
tightening of 20bps and a negative new issue premium, DIB’s February 2023 senior unsecured Sukuk had a z- Role
spread of c.135bp at the time of the issue.

12
DIB Sukuk Limited’s USD25.0 billion Trust Certificates Issuance Programme
Transaction Diagram

Source: Base Prospectus

(7 November 2019)

13
Garuda Indonesia’s USD500.0 million Trust Certificates
First non-sovereign USD Sukuk from Indonesia
Transaction Details
Transaction Overview
Issuer : Garuda Global Sukuk Limited
 Garuda is the state-owned (via the Indonesian Government’s 60.51%
ownership) national flag carrier of Indonesia serving more than 60 PT Garuda Indonesia (Persero) Tbk
Obligor :
domestic and 19 international destinations worldwide as at 31 March (“Garuda”)
GARUDA GLOBAL SUKUK 2015.
LIMITED Facility : Reg S USD Global Sukuk
 Through the orphan-based SPV, Garuda Global Sukuk Limited, Garuda
Joint Lead Manager, Joint launched its maiden USD Sukuk transaction on 27 May 2015 as part of Islamic
Bookrunner : Wakalah
the its plans to reprofile and extend the maturity of its existing debt. Principle
Islamic Trust Certificates The Sukuk offering allowed Garuda to lock-in new funding at an
 Issue Size : USD500.0 million
USD500.0 million attractive cost and represents a significant milestone in the
continued development of the Islamic capital market for Indonesia. Issue
: 5 years
June 2015 Tenure

Profit Rate : 5.950%

Transaction Highlights
Yield : 6.125%

 Indonesia’s First Corporate USD Sukuk Issuer: This transaction represents the first non-sovereign USD Sukuk
out of Indonesia, paving the way for other Indonesia state-owned enterprises and corporates to tap the USD Issue Date : 3 June 2015
Sukuk market.

 Setting Industry Precedence: This landmark offering has many firsts to its credit namely: (i) First unrated Rating : Unrated
USD Sukuk from an Asia Pacific issuer; (ii) First USD Sukuk transaction from an Asia Pacific airline; (iii) First
USD Sukuk al-Wakala from an Asia Pacific corporate; and (iv) First unrated USD benchmark bond from an Asia Listing : Singapore Exchange Securities
Pacific national flag carrier.

 Strong Demand from Investors led to Tight Pricing: Following a well-received global roadshow spanning Abu Utilisation Refinancing of existing debt and
:
Dhabi, Dubai, Singapore, Hong Kong, Zurich and London to introduce Garuda’s credit, the order book quickly of Proceeds general corporate purposes
built to USD1.9 billion, or an over-subscription rate of 3.8 times thus allowing the tightening of the initial Maybank’s Joint Lead Manager, Joint
price guidance from 6.250% to 6.125%. :
Role Bookrunner

14
Garuda Indonesia Global Sukuk Limited’s USD500.0 million Trust Certificates
Transaction Diagram

Source: Offering Circular

(27 May 2015)

15
Sime Darby Global Berhad’s USD800.0 million Trust Certificates
Diversifying Sime Darby’s USD funding sources led to its foray in the Reg S Sukuk market

SIME DARBY GLOBAL BERHAD
Joint Principal Adviser, Joint
Lead Arranger, Joint Lead
Manager, Dealer, Joint Shariah
Adviser, Listing Agent
Sukuk Ijarah
USD800.0 million
January 2013
Transaction Details
Transaction Overview
 In-line with the Sime Darby Group’s global business, Sime Darby required
access to foreign currency debt capital market funding. Sime Darby Global Berhad (wholly-
Issuer :
owned subsidiary of Sime Darby)
 Sime Darby’s USD funding had traditionally been dominated by bank
borrowings, and Sime Darby wanted to diversify its funding base into the
USD debt capital markets. Facility : Multi-Currency Sukuk Programme
 By establishing a multi-currency sukuk programme (the “Multi-Currency
Sukuk Programme”), Sime Darby can issue sukuk in a host of Programme
: USD1.5 billion in nominal value
international currencies including USD. Size
 Sime Darby, one of the largest listed government linked-companies in
Malaysia would then be able to make its debut appearance in the Format : Reg S
international Reg S markets and tap new and large investor pools in the
Middle East. Islamic
: Ijarah
Structure

Transaction Highlights Issuance Size 5 years:: USD400 million

:
and Tenure 10 years: USD400 million
 Stronger Rating Than Malaysia’s Sovereign Rating: programme ratings of A, A and A3 from S&P, Fitch and
Moody’s respectively and similar ratings for the first issuance – higher than the international sovereign rating
of the Government of Malaysia.
Programme
 Successful International Reception: 9-day international roadshow spanning Asia, Europe and the Middle East and Issuance : A/A/A3 by S&P, Fitch and Moody’s
saw the participation of over 180 institutional investors. Ratings
 Overwhelming Response: despite the heavy supply in the primary USD bond market, Sime Darby Global was
able to attract a very strong order book of more than USD8.0 billion, or an over-subscription rate of over 10 Joint Principal Adviser, Joint Lead
times via 376 orders. Arranger, Joint Lead Manager,
Maybank Kim
: Dealer, Listing Agent (Bursa
Eng’s Role
 Tight Yields Set New Pricing Benchmarks: (i) lowest ever coupon by any corporate globally in the USD sukuk Malaysia)
market (ii) lowest ever USD coupon in a sukuk format by an Asian issuer (iii) lowest ever coupon by a
Malaysian issuer in the USD market, in both the 5- and 10-year tenures.

16
Sime Darby Global Berhad’s USD800.0 million Trust Certificates
Transaction Diagram

Source: Sime Darby Global Berhad Offering Circular 14 January 2013

17
SECTION 3
COMMON GLOBAL SUKUK
STRUCTURES
Sukuk Structuring
Key Considerations and Structuring Requirements

Proposed Islamic structure depends on the issuer’s nature of business and the availability of tangible assets, amongst other
considerations:

Low Dependence on Issuer’s Tangible Assets High

Wakala Ijara
(Agency) (Lease)
Investment agency contract whereby a party authorises Lease-based contract whereby a lessor (asset owner) leases
another party to act on behalf of the former based on the out an asset to a lessee at an agreed lease rental for a
agreed terms and conditions predetermined lease period. The ownership of the leased
If the portfolio includes commodities, there is brokerage asset shall always remain with the lessor
Description
fee applicable for the sale and purchase of the Most common and popular Islamic structure for issuers
commodities globally, either on sale-and-leaseback or head-lease and sub-
lease basis

Commonly adopted by companies which are asset light or Commonly adopted by companies which have sufficient fixed
Nature of restrictions on transfer of tangible assets assets to allocate for the proposed issuance as the
Issuer’s underlying assets will be locked up to maturity of the Sukuk
Business

International Sukuk typically involves setting up of a special purpose vehicle as the issuing entity, whereas in Malaysia, the
Issuing Entity
fundraising entity itself also assume the role of the issuer.

19
Sukuk Structuring
Key Considerations and Structuring Requirements

Low Dependence on Issuer’s Tangible Assets High

Wakala Ijara
(Agency) (Lease)

 Required, subject to minimum threshold of 30% to  Leasable asset required to match 100% of the issuance
51% assets in the entire portfolio/trust assets size. In Malaysia, the Issuer shall abide to ruling of SC
SAC.

Underlying Assets
 For Issuer’s assets provided as Sukuk’s underlying assets, depending where the assets are domiciled, the legal
title of asset typically remains with the original registered owner. Investors as beneficial owner of the assets.

 Acceptable to the majority of global Shariah  Most common and popular Islamic structure for both
Marketability scholars, subject to the underlying assets issuers and investors globally including GCC (Gulf
Cooperation Council)

 Republic of Indonesia (2020) (USD)  Al-Aqar REITs (2018)(RM)

 Dubai Islamic Bank (2019)(USD)  SPR Energy (2017)(RM)
 Qatar International Islamic Bank (2019) (USD)  Jordan (2016)(JOD)
 Republic of Indonesia (2019) (USD)  State of Senegal (2016)(CFA)
Notable Issuances  Sharjah Islamic Bank (2016) (USD)  Ivory Coast (2016)(CFA)
 Tenaga Nasional Berhad (2017)(RM)  Togo (2016)(CFA)
 Islamic Development Bank (2017)USD)  Government of Pakistan (2016)(USD)
 Republic of Indonesia (2017)(USD)  Turkey (2016)(TRY)
 Hong Kong (2017)(USD)  Oman (2016)(USD)

20
Sukuk Structure : Ijara
Overview

2 Purchase Assets

2 Asset Purchase Price

Declare
Trust &
Issue Sukuk Certificate
Ijarah holders
Company
3 SPV 1
Lease Assets
(Lessee/ Obligor/ (Trustee)
Servicing Agent) 4 1
Purchase Undertaking
Proceeds

5 Rental

5 Servicing Agency Agreement

6 Sale Agreement

6 Transaction flow
Exercise Price
Fund flow

21
Sukuk Structure : Wakala
Overview
Tangible >= 30% to 51% Commodities < 49% to 70%

Company Company
(Wakeel/ Lessee/ Commodity
(Purchaser) 4(iv)
Obligor) Buyer
Leases 3
Assets Sale of
commodities
7 3 4(i) 4(iii) on spot
1(a)
Exercise Purchase Sale of commodities
Appoint as Assets
Price Order at Sale Price
Wakeel
6
Commodity
Rental
SPV Purchase of Suppliers
4(ii)
(Trustee/ Issuer) commodities
on spot

5
7 1(b) 1(b) 6
Purchase
Undertaking Nominal Issue Sukuk Periodic
Value Sukuk proceeds Distributions
Certificate holders
Transaction flow
Fund flow

22
SECTION 4
INTRODUCTION TO ASEAN SOCIAL SUKUK
& SUSTAINABLE AND RESPONSIBLE
INVESTMENT SUKUK
What are Green, Social and Sustainability Sukuk?
Green
Projects

Sukuk Sustainability
Projects

Social
Projects

Green Sukuk finances Shariah-
compliant projects that contribute to
Definition
climate and environmental
sustainability.
Sustainability Sukuk finances a Social Sukuk finances Shariah-
combination of both Green and Social compliant projects with positive social
Projects in compliance to Shariah outcomes for a target population
principles.

Standards

24
Summary of ASEAN/ ICMA Bonds Standard/ Principles
Key Features of the Standard/ Principles

ASEAN / ICMA Green Bonds ASEAN / ICMA Social Bonds ASEAN / ICMA Sustainability Bonds
Eligible Issuer ICMA: Global, ASEAN: Issuer or issuance of bonds must have geographical or economic connection to ASEAN region
 Renewable energy;  Affordable basic infrastructure  Combined application of both
 Energy efficiency;  Access to essential services; ASEAN/ICMA Green and Social Bonds
 Pollution prevention & control;  Affordable housing Standards/ Principles, i.e. covers
 Sustainable management of natural  Employment generation; eligible projects under both ASEAN/
resources and land use;  Food security; and ICMA Green and Social Bonds
 Terrestrial & aquatic  Socioeconomic advancement & Standards/Principles.
Eligible bioconservation; empowerment
Projects  Clean transportation;
 Sustainable water & waste
management;
 Climate change adaption;
 Eco-efficient technologies &
processes; and
 Green buildings
× Fossil fuel power generation
× Negative social impact activities
Ineligible × Negative social impact activities
× Fossil fuel power generation (e.g. alcohol, gambling, tobacco
Projects (e.g. alcohol, gambling, tobacco and
and weaponry)
weaponry)
 Sets out how investors are to be given access to information continuously by requiring the Issuers to disclose information on
Continuous
use of proceeds, process for project evaluation and selection, and management of proceeds to investors in the issuance
Accessibility to
documentation, as well as ensuring such information is publicly accessible from a website designated by the Issuer
Information
throughout the tenure of the Green, Social and Sustainability Bonds/Sukuk.

25
SECTION 5
SELECTED GLOBAL SUKUK TRANSACTION
HIGHLIGHTS
USD Sukuk: Qatar International Islamic Bank’s USD500.0 million Sukuk
First Qatari USD Sukuk Issued Since Saudi-led Regional Blockade on Qatar

Transaction Overview Transaction Details

 QIIB was incorporated in 1990 and began operations on 1 January 1991 as the
second full service Islamic bank in Qatar. QIIB is listed and its shares are Issuer : QIIB Senior Sukuk Limited
traded on the QSE with 19 branches through-out Qatar.
 QIIB is the third largest listed Islamic bank in Qatar by total assets, Qatar International Islamic Bank
QATAR INTERNATIONAL ISLAMIC Obligor :
representing approximately 3.5 per cent. of total assets of all commercial (Q.P.S.C.) (“QIIB”)
BANK
banks in Qatar. QIIB is rated A (stable) and A2 (stable) by Fitch and Moody’s
USD2.0 billion Trust Certificate
Principal Adviser, Dealer, Joint respectively. Facility :
Issuance Programme
Lead Manager, Joint Bookrunner  Maybank IB is the only Asian and Malaysian bank to participate as Joint
and Joint Shariah Adviser Dealer, Joint Lead Manager and Joint Bookrunner in this transaction, and Islamic
: Wakala / Mudaraba
spearheaded the engagement with Asian investors. Principle
USD Sukuk
Issue Size : USD500.0 million
USD500.0 million

March 2019
Issue Tenure : 5 years

4.264% p.a.
Profit Rate :
Transaction Highlights (USD 5Y Mid-Swap Rate + 175 bps)

 First Qatari USD Sukuk Issued Since Saudi-led Regional Blockade on Qatar: This landmark Reg S transaction represents Issue Date : 5 March 2019
the first senior USD Sukuk issuance out of Qatar since the Saudi-led regional blockade imposed in June 2017 by
neighbouring MENA countries such as the United Arab Emirates, Bahrain, Egypt and Yemen.
 Strong Demand with Oversubscribed Book: By taking advantage of a clear market window, the transaction drew an Issue Rating : A2 by Moody’s
overwhelming investor response that resulted in a book cover of 6 times, with the final order book reaching approx.
USD3.45 billion from more than 191 investors. This was driven by robust demand from a diverse investor base with 37%
of total allocations from Asia (up to 5.9% from Malaysia), 33% from Europe and 30% from the Middle East. Listing : London Stock Exchange

 Efficient Pricing via Highly Effective Price Tightening: Strong investor demand enabled the yield to be tightened by a
total of 25 bps from its initial price guidance of USD 5-year Mid-Swap Rate + 200 bps to a final price of USD 5-year Mid- Format : Reg S
Swap Rate + 175 bps.
Joint Dealer, Joint Lead Manager,
Maybank’s Role :
Joint Bookrunner

27
Perusahaan Penerbit SBSN Indonesia III’s USD2.0 billion Sovereign Sukuk
Successfully distributed Green Sovereign Sukuk met with overwhelming investor demand

Transaction Overview Transaction Details

 The Issuer, Perusahaan Penerbit SBSN Indonesia III, is a wholly-owned, Perusahaan Penerbit SBSN Indonesia III, a wholly-
special purpose financing vehicle of the Republic of Indonesia. Issuer : owned, special purpose funding vehicle of the
 The transaction has two (2) tranches comprising a Green tranche, of Republic of Indonesia (“RoI”)
PERUSAHAAN PENERBIT SBSN
INDONESIA III which proceeds will be used to finance and/or refinance expenditure USD2.0 billion Sukuk issuance pursuant to RoI’s
directly related to Shariah-compliant Eligible Green Projects as Instrument : USD25.0 billion Trust Certificate Issuance Program
Joint Lead Arranger, Joint Lead defined in RoI’s Green Bond and Green Sukuk Framework (“Green (“USD Sovereign Sukuk”)
Sukuk”), and a non-Green tranche for Shariah-compliant financing
Manager, Joint Bookrunner and
requirements (“Non-Green Sukuk”). Format : Reg S/144A
Joint Shariah Adviser

USD Sovereign Sukuk Tranc he 1 Tranc he 2

Issue Size USD750.0 mil USD1,250 mil
USD2.0 billion
Tenure 5.5 years 10.0 years
Issue Details :
February 2019 Issue Struc ture Green Sukuk Non-Green Sukuk
3.90% p.a. 4.45% p.a.
Profit Rate
(UST + 141 bps) (UST + 176 bps)
Transaction Highlights
Issue Date : 20 February 2019
 Transaction “Firsts”: This transaction has the distinction of being the 1st USD Green Sukuk, the 1st USD Green
Sovereign Sukuk/Bond and the 1st USD Sovereign Sukuk under the principle of Wakala, in 2019. Moody’s: Baa2 (stable)
 Successful Bookbuilding Exercise: By taking advantage of a clear market window, the transaction drew strong Rating : S&P’s: BBB- (stable)
investor demand that resulted in 2.8x book cover on the 5.5-year tenure with a final order book of approx. USD2.1 Fitch: BBB (stable)
billion from 117 investors, and 3.8x book cover on the 10-year tenure with a final order book of approx. USD4.5
billion from 162 investors. Listing : SGX-ST, NASDAQ Dubai
 Efficient Pricing via Highly Effective Price Tightening: Strong investor demand enabled the yield for the 5.5-year
tranche to be tightened by 30 bps from the initial price guidance (“IPG”) of 4.20% area, whilst the 10-year tranche
was tightened by 25 bps from the IPG of 4.70% area. Green Sukuk : To finance and/or refinance expenditure
 Secondary Market Performance: Strong secondary market performance was a testament of the efficient pricing. directly related to Shariah-compliant Eligible
Use of Proceeds : Green Projects
Immediately after pricing on 12 February 2019, the USD Sovereign Sukuk traded at a premium (20-30 bps over par)
Non-Green Sukuk : For Shariah-compliant financing requirements
in the secondary market, enabling investors to enjoy gains in the secondaries (source: Bloomberg).
 Diversified Investor Base: Generated interest from three (3) core investor groups, namely: (i) fund managers
focused on emerging markets or following the JP Morgan Emerging Markets Bond Index, for which this issue is
Joint Lead Arranger, Joint Lead Manager, Joint
expected to be eligible; (ii) pockets of Green demand in Continental Europe and the US; and (iii) Islamic investors Maybank’s Role :
Bookrunner and Joint Shariah Adviser
in the Middle East, Indonesia and Malaysia.

28
Dubai Islamic Bank’s USD1.0 billion Islamic Trust Certificate
Largest Senior Sukuk issuance by a Financial Institution
Transaction Details
Transaction Overview
Issuer : DIB Sukuk Limited
 DIB Sukuk Limited was incorporated in 2012 in the Cayman Islands,
as a special purpose vehicle for Dubai Islamic Bank PJSC (“DIB”)’s
issuance of its USD2.5 billion Sukuk programme, which was Obligor : Dubai Islamic Bank PJSC
DIB SUKUK LIMITED
subsequently upsized to USD5.0 billion Sukuk programme.
Joint Lead Manager, Joint  The obligor, DIB, rated Baa1 by Moody’s and A by Fitch, is the USD5.0 billion Trust Certificate
Bookrunner Facility :
world’s first full-service Islamic bank and the largest Islamic bank Issuance Programme
in the UAE by total assets. DIB is listed on the Dubai Financial
Islamic Trust Certificates
Market and operates 90 branches in the UAE. Islamic
: Wakalah Bi Al- Istithmar
USD1.0 billion Principle
 Maybank is the only Asian and Malaysian bank to participate as
Joint Lead Manager and Joint Bookrunner in this transaction
February 2017 Issue Size : USD1.0 billion

Issue
: 5 years
Tenure
Transaction Highlights
Profit Rate : 3.664%
 Largest Senior Sukuk issuance by a Financial Institution: The landmark Reg S transaction represents the
largest senior Sukuk issuance by a financial institution globally.
Issue Date : 14 February 2017
 Strong demand with Oversubscribed Book: The issuance received more than 120 orders amounting to nearly
USD2.2 billion. This was driven by strong demand from a diverse investor base from the Middle East, Asia,
and Europe. Participation came from banks, private banks, fund managers, agencies and insurance Rating : Baa1 by Moody’s, A by Fitch
companies, among others.
 Tight Pricing: Following the strong demand generated for the transaction, the issuance was subsequently
priced at a tighter profit rate of 3.664% (MS+170bps), which is at the tightest end of the initial price Listing : Irish Stock Exchange, NASDAQ Dubai
guidance of MS+185 bps.
Maybank’s Joint Lead Manager, Joint
:
Role Bookrunner

29
Sharjah Islamic Bank’s USD500.0 million Islamic Trust Certificate
Fifth foray into the international capital markets since its debut USD Sukuk in 2006

Transaction Overview Transaction Details

 SIB Sukuk Company III Limited is a special purpose vehicle

incorporated on 11 March 2013 for the sole purpose of issuing Islamic Issuer : SIB Sukuk Company III Limited
trust certificates under its USD3.0 billion Certificate Issuance
Programme. Obligor : Sharjah Islamic Bank PJSC (“SIB”)
SIB SUKUK COMPANY III LIMITED
 The Obligor, SIB is one of the leading Islamic banks in the UAE
Joint Lead Manager, Joint providing a range of retail banking, corporate banking and Facility : USD3.0 Billion Certificate Issuance Programme
Bookrunner investment banking services. SIB is also the first bank in the world to
convert fully from a conventional banking system to an Islamic Islamic
Islamic Trust Certificates : Wakalah Bi Al- Istithmar
banking system back in 2002. Principle
USD500.0 million
 Publicly listed on the Abu Dhabi Securities Exchange, SIB’s largest Issue Format : Regulation S
September 2016 shareholders are the Government of Sharjah and Kuwait Finance
House with 31.3% and 20.0% respectively.
Issue Size : USD500.0 million

Transaction Highlights Issue Tenure : 5 years

 Fifth foray into the International Capital Markets: SIB’s fifth issuance since its debut USD Sukuk a decade Profit Rate : 3.084% p.a.
ago, Maybank Kim Eng is privileged to be the sole Asian and Malaysian bank appointed as the Joint Lead
Manager and Joint Bookrunner for this transaction.
Issue Date : 8 September 2016
 Strong Response: Launched to the market with IPTs of 5Y Mid-swap+205 bps, the Sukuk received an
outstanding response from international investors, garnering orders to the tune of USD1.6 billion or 3.2 times
the issue size. Leveraging on the strong demand, the Joint Lead Managers and Joint Bookrunners successfully Rating : A3 by Moody’s
tighten the pricing by 20 bps to the final pricing of 5Y Mid-swap+185bps.
 Diverse geographical distribution: With a diverse geographical distribution being the key target of the Listing : Irish Stock Exchange and NASDAQ Dubai
issue, Maybank Kim Eng assisted SIB in expanding its investor reach beyond the Middle East. Although the
Middle East still made up the bulk of the orders with 59%, the Sukuk also attracted orders from Asia, Europe Maybank’s Role : Joint Lead Manager, Joint Bookrunner
and offshore US Investors with 22%, 16% and 3% respectively.

30
Malaysia Sukuk Global’s USD1.5 billion Islamic Trust Certificate
First sovereign Sukuk without utilizing any physical assets or Commodity Murabahah

Transaction Details
Transaction Overview
Issuer : Malaysia Sukuk Global Berhad
 Incorporated to act as a financing vehicle for GoM, Malaysia Sukuk
Global Berhad (formerly known as 1Malaysia Sukuk Global Berhad) is Obligor : Government of Malaysia (“GoM”)
a single purpose vehicle owned by the Minister of Finance
MALAYSIA SUKUK GLOBAL Facility : Reg S USD Global Sukuk
Incorporated and the Federal Lands Commissioner.
BERHAD
 Post a roadshow covering Asia, the Middle East, Europe and the Islamic
Joint Lead Manager, Joint United States, the deal was launched to the market on 20 April 2016 : Wakalah
Principle
Bookrunner attracting interest from a diverse group of domestic and
international investors. Issue Profit
Islamic Trust Certificates Issue Size
 The allocation was well-spread globally, with 65% of the 10-year Tenure Rate
Issue Size,
USD1.5 billion Sukuk distributed to Asia, 19% to Middle-East, 11% to Europe, and 5% Tenure and : 10 years USD1.0 billion 3.179%
to the United States, whilst 54% of the 30-year Sukuk was distributed Profit Rate
April 2016
to Asia, 12% to Europe, 24% to the United States, and 10% to the 30 years USD500.0 million 4.080%
Middle-East.
Issue Date : 27 April 2016
Transaction Highlights
Rating : A- by S&P, A3 by Moody’s, A- by Fitch
 Longest-tenured Sovereign Sukuk: GoM’s fifth USD Sukuk transaction since its debut in 2002, the 30-year
Sukuk was the longest-tenured Sukuk by a sovereign at point of issuance. Hong Kong Stock Exchange, Labuan
Listing : International Financial Exchange, Bursa
 Innovative Islamic Structure: Unique combination of vouchers (80%) and shares (20%) as underlying assets Malaysia Securities Berhad
represents a major breakthrough in sovereign Sukuk, being the first time a sovereign has accessed the global
Sukuk market without utilizing any physical assets (such as land and buildings) or Commodity Murabaha in its
Islamic structure. Redemption of Wakala Global’s USD1,200.0
Utilisation of
: million Sukuk due in July 2016 as well as to
 Successful Execution and Well Oversubscribed Book despite Volatile Market Conditions and Investors Proceeds
finance development expenditures
Concerns: Despite continued volatile oil prices, uncertainties in the central bank’s rate policies and other
domestic concerns, the 10-year tranche was oversubscribed by 4 times and priced within GoM’s sovereign
yield curve while the 30-year tranche was oversubscribed by approximately 5 times and priced with a new Maybank’s
: Joint Lead Manager, Joint Bookrunner
issuance premium of only 4 bps. Both final pricing closed well inside of PETRONAS’ USD bonds yield curve. Role

31
SECTION 6
INTRODUCTION TO THE MAYBANK
GROUP AND OUR REGIONAL DEBT
CAPITAL MARKET CREDENTIALS
The Maybank Group in Summary
We are Malaysia’s Largest Bank and a Global Islamic Finance Leader
About the Maybank Group Our Leadership Position
 Malayan Banking Berhad (“Maybank”) and its subsidiaries (“Maybank Group”) is the  Led by Maybank Islamic Berhad, the Islamic banking subsidiary of Maybank:
biggest financial services group in Malaysia and the 4th largest in South East Asia (by Total
Assets).  Top 3 Bloomberg’s Global Sukuk League Table (2020)

 With over 54 years of growth, the Maybank Group offers various innovative financial Islamic Finance  Largest Islamic finance provider in Malaysia and Asia-Pacific.
services from commercial banking to investment banking (including stock broking), from Leadership  Top 5 largest Islamic bank globally by assets (approximately USD51.1
global markets (treasury) to insurance and offshore banking. bil).
 6th largest Islamic bank in Indonesia (2nd largest among Islamic windows)
Selected International Awards & Recognition  One of the Top 5 Banks in ASEAN

Highest-ranked Malaysian bank in Forbes Global 2000 Leading Global  Geographical presence: 10 ASEAN countries and 5 international financial
centres
Companies 2018 and 2017. Footprint
 Over 2,400 branches and offices in 20 countries serving more than
22 million customers worldwide
First and only Malaysian bank in Brand Finance’s Global 500 Brands
2019, and ranking Top 100 of Brand Finance’s Banking 500 Brands Value  35.9%: Amanah Saham Bumiputera (Malaysia’s largest state-owned fund
from 2014 - 2018. Strong management company) (31 Dec 2020)
Shareholder 12.83%: Employees Provident Fund (Malaysia’s largest retirement fund)
“Brand Of The Year” (Banking – Malaysia) by the World Branding Support (31 Dec 2020)
Awards 2017-2018, the only bank brand in South East Asia to retain  16.58%: foreign shareholding (5 Mar 2021)
this title for four consecutive years.
Total Assets : USD213.0 bil (MYR856.8bil) (31 Dec 2020)
“Bank of the Year 2018 - Malaysia” by The Banker’s Bank of the Year Shareholders’ Funds : USD20.5 bil (MYR84.4 bil) (31 Dec 2020)
Awards Financial PATAMI : USD1.5 bil (MYR6.4 bil) (31 Dec 2020)
Strength and
Market Capitalisation : USD23.4 bil (MYR96.5 bil) (12 March 2021)
Maybank Global Banking Credit Rating
 Strong credit ratings, on par with sovereign
S&P : A- Moody’s : A3 Fitch : A-

 Largest bank in Malaysia: both conventional and Islamic

Largest
 #1 Internet banking with 43% market share
Financial
 Amongst the most valuable companies on Malaysia’s stock exchange,
Services Bursa Malaysia with a market capitalisation of MYR97.1 bil (USD23.7
Provider in bil) as at 31 December 2019
Client Global Investment Corporate Transaction Malaysia 399 branches and 2,573 ATMs serving more than 12 million customers
Coverage Markets Banking Banking Banking

33
Maybank’s Regional Presence
Our Regional Presence Extends to Singapore, Indonesia, Greater China, Philippines and Indochina

Maybank Singapore Maybank Philippines Inc (MPI)

 Established in 1960 as a fully-licensed
commercial bank, with over 1,800 employees
and 20 branches
 Achieved Qualifying Full Bank (QFB) status in
2001
 Profit before tax surged to SGD421.4 million
(USD309.2 million), a y-o-y increase of 33.6%
(as at 31 December 2018)
 27 strategically located ATMs and 150 over
QFB shared ATMs
 1st and only bank to receive all four business
excellence certifications at an enterprise
level from SPRING Singapore
Singapore
 Set up in 1997 when Maybank acquired Republic
Planters Bank. Full-service commercial bank
offering a wide array of financial solutions
geared towards the upscale consumer and
selected segments of top-tier corporations
 In August 2000, Maybank successfully acquired
Greater China up to 99.96% of MPI and became the first foreign
bank to have almost 100% ownership stake in a
Hong Kong Philippine commercial bank under the new
Philippine banking law. At the time of its
Laos
Myanmar
Philippines inception, MPI was the first foreign bank to have
Vietnam established an extensive network of branches all
over the country
Cambodia
 Today, Maybank maintains an extensive network
of 73 branches strategically located in key cities
nationwide

PT Bank Maybank Indonesia Tbk (MBI)

 Established in 1959, MBI was formerly known as PT Bank
Internasional Indonesia (“BII”) prior to its name change in
2015. Maybank completed the acquisition of a 97.5% stake
in BII in 2008
 MBI has a market capitalisation of IDR19.6 trillion (USD1.4
billion) as at 1 August 2019, total assets of IDR183.6
trillion (USD12.9 billion) as at 30 June 2019 and serves
close to 4.2 million customers
 One of Indonesia’s largest banks with a branch network of
386 branches and 1,609 ATMs (as at 31 December 2018),
and a sharp growth in Sharia Banking business
Indonesia
Maybank Hong Kong & Greater China
 Maybank Hong Kong has been in operation since 1962 and
providing comprehensive wholesale banking solutions
 Maybank Shanghai is a full-service branch providing wholesale
banking solutions denominated in both Renminbi and foreign
currency (mainly USD)
 Branches in Beijing, Kunming and Shenzhen started operations
on 8 May 2012, 4 January 2015 and 18 March 2016 respectively
Maybank in Indochina
 Cambodia - 12 branches. Achieved local
incorporation in April 2012 to expand network
 Vietnam – 2 branches; and 20% stake in An Binh
Bank (139 branches)
 Laos – 2 branches. Retail and commercial
banking license granted in October 2012 for
the first branch
 Myanmar – Maybank Yangon branch, was
officiated on 2 October 2015

34
We are Malaysia’s Distinct Debt Capital Markets Leader
League table dominance and numerous awards are testament of our market leadership
Maybank Group as Your Selected Partner Leading in MYR Sukuk Issuances since 2016
 Maybank is supported by its prominence credentials as the largest 35,000
financial services group in Malaysia and 4th largest bank in South East
Asia by total assets. 30,000
 The combined strength of Maybank, Maybank Islamic, Maybank Kim 25,000
Eng, and Maybank IB puts the Maybank Group in good stead as a
20,000
tailored and innovative solution provider.
15,000

(FY2020) 10,000

Lead Manager for Malaysia Ringgit Islamic Sukuk (Amount) 5,000

-
Lead Manager for Malaysia Bonds (Amount)
2016 2017 2018 2019 2020
Lead Manager for Sukuk & Islamic Financing (Amount)
Maybank CIMB AmInvest RHB
Lead Manager for Global Sukuk (Amount)

Our Bond House Awards Notable Award Winning Transactions

Global Finance Awards 2019 & 2020 1 4
1
Best Investment Bank – Malaysia
IFR Asia 2019
2
Malaysia Bond House
3 The Asset Triple A Islamic Finance Awards 2019 &
2020
Asia-Pacific Best Islamic Investment Bank 2 5
Asia-Pacific Sukuk Adviser of the Year
Malaysia Best Islamic Investment Bank
Malaysia Sukuk Adviser of the Year
4 Alpha Southeast Asia 12th & 13th Annual Best Financial
Institution Awards 2018 & 2019
3 6
Best Bond House & Best Investment Bank Malaysia
5 Finance Asia Country Banking Achievement Awards
2018 & 2020
Best DCM House – Malaysia
6 Euromoney Awards for Excellence 2015 – 2018 & 2020
Malaysia’s Best Investment Bank of the Year
The Asset Triple A Islamic Finance The Asset Triple A Asia Infrastructure Awards
2020
Awards 2020
 Best Renewable Energy Sukuk – Solar:  Renewable Energy Deal of the Year: Cypark
Cypark Ref’s MYR550.0 mil SRI Sukuk Ref’s MYR550.0 mil SRI Sukuk Murabahah
GLOBAL
FINANCE
ALPHA Murabahah  Petrochemical Deal of the Year: Pengerang
SOUTHEAST  Best Corporate Sukuk: DRB-HICOM’s Refining Company’s USD5.632 bil Syndicated
ASIA Commercial Facility
MYR1.5 bil Sukuk Wakalah
 Water Deal of the Year: Pengurusan Air
 Best Green Sukuk in Indonesia:
SPV’s MYR1.6 bil multi-tranche sukuk
Republic of Indonesia’s (ROI) USD2.0 bil
Sovereign Sukuk
IFR ASIA FINANCE  Best Sukuk - Utility (Indonesia): Alpha Southeast Asia 14th Annual Deal and
Solution Awards 2020
ASIA Perusahaan Listrik Negara’s IRD 2.91
tril ijara sukuk  Best Foreign Currency Bond Deal: Petronas
Capital Limited’s USD6.0 bil Global medium
 Best Cross Border Sukuk (Indonesia): Term Notes
Bumitama’s MYR700.0 million Sukuk  Best Corporate Sukuk: Tenaga Nasional's
Musharakah MYR3.0 bil Sukuk Wakalah
The Asset Triple A Asia Country Awards  Best Project Finance Deal: Pengerang
THE ASSET EUROMONEY 2020 Refining's USD5.632 bil Syndicated Commercial
Facility
 Best Corporate Bond: Petronas Capital
Limited’s USD6.0 bil Global medium
Term Notes

35
Maybank Islamic
We are ASEAN’s largest Islamic finance provider, with a rich history of driving innovative Sukuk solutions
 Maybank Group Islamic Banking is the Islamic banking arm of the Maybank Group
 The Maybank Group’s “Islamic First” philosophy drives our Shariah-compliant solutions
 Largest Islamic finance provider in Malaysia and ASEAN
 Top 5 largest Islamic bank globally by asset size

Our Shariah Advisory Expertise Our Global Presence

 Holistic Shariah advisory services including: Our presence in key global Islamic finance hubs enables us to be at the centre of
 Recommending an appropriate Sukuk structure, based on the Islamic finance development, and be within close reach of Sukuk investor demand
issuer’s requirements and market practices;
Dubai
 Assisting in the identification of suitable underlying assets, based Singapore
 1st branch in the Dubai
on the Sukuk structure and the issuer’s asset profile; International Financial Centre  1st Islamic bank to operate in
(DIFC) in 2019 Singapore.
 Providing advice based on regulatory and market feedback; and  1st bank to offer Islamic banking to
retail customers.
 Other miscellaneous Shariah advisory services on aspects
including legal.
Malaysia Indonesia
 Highly qualified and experience team of Shariah advisors, backed by
an independent Shariah Advisory Committee comprising 5 renowned  Market leader in total assets,
total financing, and total funding
 PT Bank Maybank Indonesia Tbk:
374 branches including 16 Shariah
Shariah scholars with at least 15 years of experience. (deposits and unrestricted branches
investment account).
 Active engagements with regulators and policy makers to promote  Contributed 60.7% to Maybank
 Shariah activities carried out
through Islamic banking window
stability and growth of the Islamic Banking industry. group’s financing in Malaysia as
at 31 December 2019.
via PT Bank Maybank Indonesia
Tbk

Consistent Track Record in Award-Winning Sukuk Innovation

2014 - 2016 2018 2020
The Asset Triple A Islamic Finance Awards 2020
 Islamic Bankers of the Year (Asia-Pacific) -
2011 - 2013 2017 2019 Dato’ Mohamed Rafique Merican
 Islamic Bank of the Year – Asia Pacific
PT GARUDA INDONESIA
(PERSERO) TBK ECO WORLD  Islamic Bank of the Year – Malaysia
INTERNATIONAL BERHAD
USD500.0 million MYR800.0 million  Islamic Bank of the Year – Singapore
DANAJAMIN NASIONAL MYR180.0 million
MALAYSIAN AIRLINE
MALAYSIA AIRLINE SYSTEM BERHAD USD Sukuk MYR ASEAN
BERHAD QATAR INTERNATIONAL  Best Islamic Retail Bank – Malaysia
SYSTEM BERHAD
MYR2,500,000,000
Al-Wakala MYR Unrated Sukuk Sustainability SRI
MYR500.0 million ISLAMIC BANK
Perpetual Junior Sukuk
2015 Murabahah Sukuk Musharakah &
MYR1.5 billion
Programme
Sukuk Musharakah
MYR Tier-2 2018 USD500.0 million
MYR Perpetual Sukuk
Sole Principal Adviser, Sole Lead
Subordinated Sukuk Global Finance’s World’s Best Islamic Financial
Arranger, Sole Lead Manager USD Sukuk 2020
Musharakah  First corporate USD Sukuk Murabahah
Institutions 2020
June 2012
Wakala / Mudaraba
from Indonesia
2012 2017  First unrated MYR 2019
 Best Islamic Retail Bank (Global)
 First USD Sukuk transaction
Sukuk issued via a  First Sustainability Sukuk
from an Asia Pacific airline  Best Islamic Financial Institution (Asia)
 First USD Sukuk al-Wakala bookbuilding exercise globally based on the
 First perpetual Sukuk from an Asia Pacific corporate  World’s first financial Shariah principle of  Best Islamic Financial Institution (Malaysia)
issuance by a  First unrated USD benchmark guarantee insurer to  First Qatari USD Sukuk issued Musharakah
corporate in Malaysia bond from an Asia Pacific issuer Tier-2 since the Saudi-led Regional  Best Islamic Financial Institution (Singapore)
and globally national flag carrier subordinated Sukuk Blockade on Qatar

36
Maybank Kim Eng’s Debt Markets Leadership
Our Leadership Encompasses Both the Debt Capital/Islamic Capital and Syndicated Loan/Financing Markets
Our Debt House Awards Recent Notable Award Winning Transactions

1
 Global Finance Awards 2019 & 2020 DRB-HICOM The Asset Triple A Islamic Finance Awards 2020
Best Investment Bank - Malaysia MYR1.50 BIL Best Corporate Sukuk of the Year
Sukuk Wakalah

 The Asset Triple A Islamic Finance Awards 2019 & JAMBARAN-TIUNG BIRU The Asset Triple A Infrastructure Awards 2020
2020 USD1.85 BIL Oil and Gas Deal of the Year
2
Asia-Pacific Best Investment Bank Project Finance
Asia Pacific Sukuk Advisor of the Year PENGERANG REFINERY & The Asset Triple A Infrastructure Awards 2020
Malaysia Best Investment Bank PETROCHEMICAL
Petrochemical Deal of the Year
USD9.5 BIL
Malaysia Sukuk Advisor of the Year Syndicated Term Loan
 The Asset Triple A Asia Country Awards 2020
Best Bond Advisor - Domestic PENGURUSAN AIR SPV The Asset Triple A Infrastructure Awards 2020
MYR1.6 BIL Water Deal of the Year
 Euromoney Awards for Excellence 2015 – 2018 & AAA Sukuk
3
2020 The Asset Triple A Islamic Finance Awards 2020
CYPARK REF
Best Investment Bank – Malaysia Renewable Energy Deal of the Year
MYR550.0 MIL
PFI Asia Awards 2019 IIFN Awards 2019
4 Sukuk Murabahah
Islamic Deal of the Year Green Project of the Year
 Finance Asia Country Banking Achievement Awards
2018 & 2020 PERUSAHAAN PENERBIT Finance Asia Achievement Awards 2019
Best DCM House – Malaysia
SBSN INDONESIA III Best Islamic Finance Deal
IDR180.0 MIL
Alpha Southeast Asia 13th Annual Deal and Solution Awards
Sukuk Murabahah
5 Most Innovative and Best Foreign Currency Bond Deal of the Year
 ABF Wholesale Banking Awards 2014 – 2018 & 2020
Domestic Project Finance Bank of the year HSBC AMANAH The Asset Triple A Islamic Finance Awards 2019
Domestic Green Islamic Financing Initiative 2020 MYR500.0 MIL
Islamic Deal of the Year / Most Innovative Deal / Best SRI Sukuk
Sustainable Development Goal Sukuk
IFN Deals of the Year 2018
6 Deal of the Year / Social Impact Deal of the Year
 IFR Asia 2019
Malaysia Bond House TENAGA NASIONAL The Asset Triple A Infrastructure Awards 2019
MYR3.0 BIL Power Deal of the Year
 Alpha Southeast Asia 12th & 13th Annual Best Sukuk Wakalah
7 Financial Institution Awards 2018 & 2019 The Asset Triple A Islamic Finance Awards 2019
ECOWORLD
Best Bond House Malaysia INTERNATIONAL Best Corporate Sukuk / Best New Sukuk / Best Unrated Sukuk
MYR800.0 MIL
Asian Banking & Finance Corp & Inv Banking Awards 2019
Best Investment Bank Malaysia Sukuk Murabahah
Best Debt Deal
 Alpha Southeast Asia 12th Annual Best Deal and
Solution Awards 2018 DANAINFRA NASIONAL
The Asset Triple A Asia Infrastructure Awards
Best Ringgit Sukuk House in Malaysia MYR2.5 BIL 2019
Sukuk Murabahah Best Project Finance Deal

37
Maybank Kim Eng’s Strong Debt Markets Franchise
Our Debt Markets Franchise is Built on Various Business Pillars
Maybank Kim Eng’s Regional Presence
Malaysia Indonesia
Debt Capital Markets
& Syndicate Fixed Income
Core services include:
 Bond issuances (conventional
and Sukuk):
 Financial Institutions Group
 Hybrids
 Sovereign and government-
linked
 Structured products
 General Corporate
 Distribution of primary
issuances;
 Providing market intelligence,
information and pricing
strategies; and
 Maintaining and developing
existing and new relationships
with institutional investors.
Collaboration with other business divisions within the Maybank Group to promote cross-selling opportunities and create business synergies
Singapore Philippines
Debt Markets
Loan Syndication
Core functions include:
 Coordination of the entire
syndication process (primary &
secondary) from origination to
execution to distribution of
syndicated loans;
 Providing market intelligence
information and pricing
strategies; and
 Leveraging on the Maybank
Group’s global presence for
syndication reach regionally
and globally.
Thailand
Project Finance
Core services include:
 Originating, advising,
structuring and executing a
full spectrum of financing
structures in the
infrastructure, energy and
utility sectors, based on the
principles of risk ring-fencing
and its mitigation; and
 Deriving innovative and
bespoke financing solutions for
Private Finance Initiatives
(“PFI”), Public Private
Partnership (“PPP”), Public-
to-Private (“P2P”) corporate
exercises and long-term
concession projects.
Hong Kong Vietnam
Leverage Finance
Core functions include:
 Delivering creative and
pragmatic financing solutions
for leverage buyouts,
strategic mergers and
acquisitions, recapitalizations
regionally as well as
Malaysia; and
 Fresh loans which arise from
investment banking advisory
roles which include amongst
other, financing for
corporate exercises such as
mergers & acquisitions,
leverage buyouts,
management buyouts and
voluntary/mandatory general
offers.
38
Our League Table Rankings
Maybank is a powerhouse in the ASEAN and Global Bonds/Sukuk markets
2020 2018 – 2020
USD ‘million
Global Sukuk
16,814.51

12,696.26

7,232.57

8,098.00

USD ‘million

3,410.29
Asia ex-Japan
G3 Currency
Bonds

2,246.19

USD ‘million
17,064.51
Financing
Sukuk &
Islamic

13,338.43

7,329.25

8,098.00

MYR ‘million
Ringgit Islamic

68,177.60
Malaysian

Sukuk

48,662.98

29,131.43

34,484.42

Source: Bloomberg as at 20 January 2021

39
Disclaimer

This presentation is prepared exclusively for the benefit and internal use of the recipient and does not carry any rights of reproducing any
part of this discussion paper to any party. This presentation is preliminary in nature, and is incomplete without any proper reference to, and
should be viewed solely in conjunction with, the oral briefing provided by the Maybank Group. No part of this document may be reproduced
or copied in any form or by any means without prior written permission or consent of the Maybank Group.

In preparing this presentation, we have assumed that all the information in all publicly available sources and those provided by the
management and promoters are accurate and reasonable. Accordingly, the information has not been independently verified. No warranty or
representation, express or implied, is made with respect to the information set out in this presentation, nor will the Maybank Group be
responsible for the consequence of reliance on any opinion or statement set out herein.

Please note that this presentation is an outline on an indicative basis and does not represent a commitment from the Maybank Group to
finance on behalf of the recipient of this presentation in any form. This presentation would include but are not limited to those summarised
herein and are subject to market conditions at the time of documentation.

This presentation was prepared based on regulations and guidelines currently in force which are subject to changes from time to time. If the
time for the implementation of our recommendation extends into the future, our findings and recommendations may not necessarily apply
due to changing business and regulation conditions. Accordingly, we suggest continual discussions, especially prior to any implementation of
our recommendation to confirm its appropriateness.

Prior to entering into any transaction contemplated hereby (a “Transaction”) you should determine, without reliance upon the Maybank
Group, the economic risks and merits (and independently determine that you are able to assume these risks), as well as the legal, tax and
accounting characterisations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that
(a) we are not in the business of providing (and you are not relying on the Maybank Group for) legal, tax or accounting advice, (b) there may
be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and
accounting advice and (d) you should apprise senior management in your organisation as to such legal, tax and accounting advice (and any
risks associated with any Transaction) and our disclaimer as to these matters.

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 Thank You

Humanising Financial Services