Pakistan International Airlines US $100 million Islamic, IATA receivables-backed syndicated transaction has won the Euromoney Air Finance Journal's Asia Deal of the Year. The facility was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Citibank N.A., and United Bank Limited as Mandated Lead Arrangers and Joint Bookrunners. Warba Bank in Kuwait has joined the transaction as Lead Arranger. Citibank N.A. also performed the role of the Account Bank and Security Trustee.
Munawar Noorani, Citi's Managing Director & Aviation Head for Europe, Middle East & Africa said, 'We extend our heartiest congratulations to PIA for winning this prestigious award, especially given the tough competition there was from other transactions in Asia. This facility represents the first foreign currency commercially syndicated financing for a Pakistani corporate since 2007 in a difficult credit environment.-PR