Danajamin guarantees Trinity Group’s first sukuk issuance

Deal sealed: (from left) NewParadigm executive director Danny Kwan, managing director Charanjeev Singh, Trinity Group MD Datuk Neoh Soo Keat, Alliance Investment Bank senior vice-president, head, debt capital markets Michael Ng and Danajamin Nasional Bhd CEO Mohamed Nazri Omar at the signing ceremony.

KUALA LUMPUR: Danajamin Nasional Bhd is guaranteeing the RM30mil Tranche 1 Sukuk Murabahah Islamic Commercial Paper (Tranche 1 ICP) issued by Trinity Asia Ventures Bhd (TAVB), a wholly owned subsidiary of Trinity Group Sdn Bhd.

Trinity Group has established a RM2.5bil financial programme comprising a RM1.5bil Sukuk Musharakah Islamic Medium-Term Notes (IMTN) programme and a RM1bil Sukuk Murabahah ICP programme through a special-purpose financial vehicle, TAVB.

The RM30mil Tranche 1 ICP of RM1.5bil is the credit enhancement to Trinity Group’s RM52mil Tranche 1 Sukuk Musharakah Islamic Medium-Term Notes Programme of RM1.5bil (Tranche 1 IMTN).

The AA3-rated Tranche 1 IMTN marks Trinity Group’s first issuance and Danajamin’s third transaction involving the securitisation of progress billings of property development projects in Malaysia.

The sukuk structure is developed, arranged and advised by NewParadigm Capital Markets Sdn Bhd, a corporate finance advisory firm licensed by the Securities Commission, while the lead arranger and lead manager is Alliance Investment Bank Bhd.

This transaction allows Trinity Group, via TAVB, to monetise its progress billings from its underlying property development projects, namely, Trinity Lemanja located in Kepong, Kuala Lumpur.

Trinity Group managing director Datuk Neoh Soo Keat said the proceeds made available from this issuance would allow the Trinity Group to pursue its land-banking activities.

To date, Danajamin’s guarantees have assisted 41 issuances, with a total guarantee size of RM10.9bil.

The total market impact of these deals, through risk-sharing collaboration with partner banks, stands at RM21.5bil.

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