Ashurst advises Asian Development Bank's CGIF on Malaysian Ringgit denominated MTNs issued by Hektar MTN Satu Sdn

Global law firm Ashurst represented Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank (CGIF), as a Guarantor, on Malaysian Ringgit (MYR) denominated medium term notes (MTNs) of guaranteed tranches to be issued under the MYR500 million MTN programme by Hektar MTN Satu Sdn. Bhd. (the Issuer) and the MTNs of the first Guaranteed Tranche of MYR215 million issued by the Issuer under the MTN programme.

CGIF provides an unconditional and irrevocable guarantee to the Guaranteed Tranche(s) under the MYR500 million MTN Programme of the Issuer, where the aggregate principal amount of the Guaranteed Tranche(s) shall not exceed MYR230 million. On 15 February 2024, the first Guaranteed Tranche of principal amount of MYR215 million and 5 year tenor was issued by the Issuer and guaranteed by CGIF.

The bonds of the first Guaranteed Tranche are issued under an MTN programme of a Malaysian REIT focusing on retail properties in Malaysia. 

Previously, Ashurst has also advised CGIF on the Thai Baht denominated 3.1% 5-year bond issued by SNC Former Public Company Limited.

Lead partner Jini Lee commented:

"We are proud and honoured to continue our long-standing relationship with CGIF having built on a relationship of trust and confidence over a number of years."

The transaction was led by global co-head of finance, funds and restructuring Jini Lee, supported by Janet Ouyang, Ben Hewett and Crystal Yeung.