London, March 8 , 2012 — BNY Mellon, the global leader in investment management and investment services, has been appointed delegate, principal paying agent, registrar and transfer agent on a new Trust Certificate Issuance Programme established by MAF Sukuk Ltd.
Sukuk issuances under the programme are unconditionally and irrevocably guaranteed by Majid Al Futtaim Holding LLC. The inaugural issuance was for $400,000,000 with a 5.85% profit rate per annum due in 2017.
As delegate and principal paying agent BNY Mellon will perform fiduciary duties and make profit and principal payments to investors on behalf of MAF Sukuk Ltd. while handling administrative duties related to the issuance of the certificates.
"The launch of the programme and the successful inaugural issuance of the MAF Sukuk Ltd. certificates could set a benchmark for other privately-owned companies in the Arabian Gulf region that are considering diversifying their sources of funding", said Giambattista Atzeni, Middle East and North Africa senior relationship manager for BNY Mellon Corporate Trust. "The Sukuk market in the region is broadly recovering and we have seen an increased interest by investors in these type of transactions".
"BNY Mellon's heritage of serving clients in the Middle East and Africa spans 100 years. This new relationship with a strategic player such as Majid Al Futtaim Holding spotlights our ongoing commitment to serving clients in the Emirate of Dubai," said Tarek Elrefai, head of Global Client Management for Middle East and Africa at BNY Mellon.
BNY Mellon Corporate Trust services $11.8 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.
This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source BNY Mellon International unless otherwise stated as at December 31, 2011. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818 Branch office: One Canada Square, London E14 5AL Authorised and regulated in the UK by the Financial Services Authority.