KARACHI, April 12: Pakistan International Airline’s $100 million 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 NA and United Bank Limited as Mandated Lead Arrangers and Joint Book-runners.

Warba Bank in Kuwait has joined the transaction as Lead Arranger. Citibank NA also performed the role of the Account Bank and Security Trustee.

In a statement issued on Wednesday, Citi’s Managing Director and Aviation Head for Europe, Middle East and Africa Munawar Noorani 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.

The voucher-based Islamic structure has allowed MLAs to bring in new Islamic investors to aviation and we hope to see it replicated.”