Norton Rose Fulbright has advised The Bank of New York Mellon in its role as delegate trustee for Petroliam Nasional Berhad (PETRONAS)’s US$1.25 billion Sukuk offering.

The issue was the Malaysian state-owned energy group’s first after a hiatus of almost six years, and also represents part of Asia’s second largest corporate dollar bond.

The five-year 144A/Regulation S Sukuk al-wakalah offering was part of a total US$5 billion issue, which included three tranches of conventional US dollar bonds under Petronas’ GMTN programme, and was settled through the New York clearing system, the Depository Trust Company (DTC).

Vicky Jones, Of Counsel, Norton Rose Fulbright commented:

“This is the first sukuk issue by PETRONAS in over five years, and together with its concurrent conventional dollar issue, is one of Asia’s biggest dollar issues, which is all the more impressive given that it has been completed by an oil and gas company in this time of uncertain energy prices. The size and success of the deal signals hope for the broader market.”

Milbank acted for the joint active bookrunners and joint passive bookrunners, Merrill Lynch, CIMB Investment Bank, Citigroup, J.P. Morgan, Morgan Stanley, Deutsche Bank, HSBC, Maybank and Mitsubishi UFJ Securities, whilst Cleary Gottlieb Steen & Hamilton acted for the issuer. Adnan Sundra & Low and Kadir Adndri & Partners provided Malaysian law advice.

The team was led by Singapore-based Of Counsel Vicky Jones and senior associate Cynthia Teo, assisted by Tom Capel.