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Cross-Border Sukuk Issues David Testa, Executive Director Head of Islamic Finance, WestLB London Sukuk Summit Royal Horseguards Hotel, 21 June 2007
    WestLB and Islamic Finance   Expansion & Innovation   Two Case Studies   Stimulants for Continued Growth
[object Object],[object Object],[object Object],WestLB – Islamic Finance Highlights *Source: Dealogic Loanware, no. of facilities USD 210,000,000 Sukuk Joint Mandated Arranger & Joint Bookrunner October 2005 USD 850,000,000 Islamic Finance Joint Mandated Arranger March 2006 USD 500,000,000 Commodity Murabaha Joint Mandated Arranger April 2006 USD 100,000,000 Musharaka Trust Sukuk Joint Mandated Arranger September 2006 USD 150,000,000 Musharaka Trust Sukuk Sole Underwriter & Bookrunner September 2006 USD 1,000,000,000 Ijara Syndicate Joint Mandated Arranger January 2006 USD 300,000,000 Syndicated Standby Morabaha Joint Mandated Arranger  & Joint Bookrunner December 2006 USD 31,000,000 True Murabaha Sole Mandated Arranger  & Sole Bookrunner December 2006 USD 600,000,000 Dar Al-Arkan Joint Lead Manager & Joint Bookrunner March 2007 USD 1.1bn  Commodity Murabaha Facility Joint Mandated Arranger & Joint Bookrunner April 2007 £225m  Commodity Murabaha Facility Sole Mandated Arranger & Bookrunner May 2007
Expansion and Innovation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Expansion & Innovation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],* Source: IFIS
Expansion & Innovation GCC Total: US$5,846.9m (15 issues representing 49.9% of total issuance) Source: IFIS (Islamic Finance Information Service) 51 11,721.55 Sum Total of all Countries 7 101.00 Bahrain 1 16.48 Pakistan 1 200.00 Kuwait 35 5,858.17 Malaysia 1 600.00 Saudi Arabia 6 4,945.90 United Arab Emirates No. of Issues Total issued in USD$ (Million) Country Sukuk Statistics Q2 2007; by Country  Up to 10th June 2007
Expansion & Innovation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Expansion & Innovation: Wide Appeal of Sukuk Issues ,[object Object],Source: DEALOGIC Bondware “ the first rated Sukuk by a bank” “ 25 accounts participated…with Middle Eastern investors taking 58% of the paper,  Europeans 34% and Asian investors 8% ”  “ Banks bought 84% of the deal and funds 16%” 65bp Sharjah Islamic Bank US$225m (October 2006) “ more than  90% of the accounts … were conventional buyers ” “ Asia 35%, Europe 26%,  the Middle East 32%” “ Banks took 43%, central banks 23%, corporates 12%, agencies  10%, insurance 2%” 14.3bp IDB Trust Services,  US$ 500mn (June 2005) “ 27%  distribution  outside of the Middle East ” “ Islamic money represented slightly in excess of 30% of the book” 45bp Dubai Civil Aviation  US$ 1bn, 5 yr Sukuk, (Dec 2004) Bookrunners’ Comments Launch Spread Issue
Expansion & Innovation: Secondary Market   Sukuk secondary market activity – still very limited:   ,[object Object],[object Object],[object Object],[object Object],Source: SUKU pages Bloomberg
Expansion and Innovation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Islamic Finance – Focus on the UK ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
“ The name’s Bond….Islamic Bond”
Aston Martin: first fully Sharia-compliant LBO in the UK ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Aston Martin - Day 1:  Commodity Murabaha Structure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],1. Participations 4. Metals Investment Agent (WestLB) Participants Metals Supplier 2. Metals 3. Spot payment Bidco 5. Metals 6. Spot payment Metals Buyer 7. Deferred  payment
Aston Martin - long-term structure: Musharaka ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Participants Aston Martin Lagonda  Investment Agent Musharaka JV (managed by Aston Martin Lagonda) Co- owned Assets Asset Pool Co-ownership interests 1.  £ 3.  £ 2.  £ Lease Agreement Purchase Undertaking Management Agreement WORK IN PROGRESS
Saudi Arabia - First Off-Shore Sukuk ABC Islamic Bank (E.C.); Arab National Bank; Standard Bank Plc; Unicorn Investment Bank, B.S.C. (c); and  WestLB AG, London Branch Joint Lead Managers and Joint Bookruners Sukuk al-Ijara Issue Type US$ LIBOR plus 200bp Coupon 3-month US$ LIBOR  Floating Rate 3 years, bullet Maturity DAAR International Sukuk Company (a limited liability company incorporated in the Cayman Islands) Issuer US$600,000,000 Trust Certificates due 2010 Issue Dar Al-Arkan Real Estate Development Company (DAAR) Guarantor
Dar Al Arkan US$600m Sukuk Al Ijara SAUDI SPV DAAR ISSUER (DAAR International Sukuk Co.) SUKUK HOLDERS Sale Proceeds (US$) Sale of Real Estate Assets  Issue Proceeds (US$) Guarantee 3 Year Lease  Lease Payments On-shore Offshore Certificates Payment for Real Estate Rights (US$) Transfer of Real Estate Rights
Stimulants for Continued Growth ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
WestLB Contacts Islamic Finance – Origination & Structuring David McCaig    Telephone  (+44) 20 7020 7532 Head of Emerging Markets  Fax  (+44) 20 7020 7530 Managing Director    e-mail  [email_address]   David Testa    Telephone  (+44) 20 7020 3622 Head of Islamic Finance  Fax  (+44) 20 7020 7530 Executive Director    e-mail  [email_address]   Mobile  (+44) 7770 435 312 Walid Sarieddine    Telephone  (+ 44) 20 7020 7533  Director  Fax  (+ 44) 20 7020 7530  e-mail  [email_address]   Mobile  (+44) 7769 670 660 Sami Neffati   Telephone  (+ 44) 20 7020 7523  Manager Fax  (+ 44) 20 7020 7530 e-mail  [email_address] Mobile (+44) 7825 420 765

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Cross-Border Sukuk Issues

  • 1. Cross-Border Sukuk Issues David Testa, Executive Director Head of Islamic Finance, WestLB London Sukuk Summit Royal Horseguards Hotel, 21 June 2007
  • 2. WestLB and Islamic Finance Expansion & Innovation Two Case Studies Stimulants for Continued Growth
  • 3.
  • 4.
  • 5.
  • 6. Expansion & Innovation GCC Total: US$5,846.9m (15 issues representing 49.9% of total issuance) Source: IFIS (Islamic Finance Information Service) 51 11,721.55 Sum Total of all Countries 7 101.00 Bahrain 1 16.48 Pakistan 1 200.00 Kuwait 35 5,858.17 Malaysia 1 600.00 Saudi Arabia 6 4,945.90 United Arab Emirates No. of Issues Total issued in USD$ (Million) Country Sukuk Statistics Q2 2007; by Country Up to 10th June 2007
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12. “ The name’s Bond….Islamic Bond”
  • 13.
  • 14.
  • 15.
  • 16. Saudi Arabia - First Off-Shore Sukuk ABC Islamic Bank (E.C.); Arab National Bank; Standard Bank Plc; Unicorn Investment Bank, B.S.C. (c); and WestLB AG, London Branch Joint Lead Managers and Joint Bookruners Sukuk al-Ijara Issue Type US$ LIBOR plus 200bp Coupon 3-month US$ LIBOR Floating Rate 3 years, bullet Maturity DAAR International Sukuk Company (a limited liability company incorporated in the Cayman Islands) Issuer US$600,000,000 Trust Certificates due 2010 Issue Dar Al-Arkan Real Estate Development Company (DAAR) Guarantor
  • 17. Dar Al Arkan US$600m Sukuk Al Ijara SAUDI SPV DAAR ISSUER (DAAR International Sukuk Co.) SUKUK HOLDERS Sale Proceeds (US$) Sale of Real Estate Assets Issue Proceeds (US$) Guarantee 3 Year Lease Lease Payments On-shore Offshore Certificates Payment for Real Estate Rights (US$) Transfer of Real Estate Rights
  • 18.
  • 19. WestLB Contacts Islamic Finance – Origination & Structuring David McCaig Telephone (+44) 20 7020 7532 Head of Emerging Markets Fax (+44) 20 7020 7530 Managing Director e-mail [email_address] David Testa Telephone (+44) 20 7020 3622 Head of Islamic Finance Fax (+44) 20 7020 7530 Executive Director e-mail [email_address] Mobile (+44) 7770 435 312 Walid Sarieddine Telephone (+ 44) 20 7020 7533 Director Fax (+ 44) 20 7020 7530 e-mail [email_address] Mobile (+44) 7769 670 660 Sami Neffati Telephone (+ 44) 20 7020 7523 Manager Fax (+ 44) 20 7020 7530 e-mail [email_address] Mobile (+44) 7825 420 765