Dentons has advised the Islamic Development Bank on the deal.
The Islamic Development Bank (IsDB) executed its first sustainable sukuk issuance of US$1.5 billion, issued under IsDB’s US$25 billion Trust Certificate Issuance Programme.
IsDB is the first AAA-rated institution in the world to have issued a sustainable sukuk. The proceeds from the debut sustainable issuance will be used exclusively to finance social projects to assist the IsDB’s member countries with managing the impact of the COVID-19 pandemic. As such, the transaction also represents the first issuance in the format of a sukuk aimed at raising proceeds to tackle the effects of the pandemic.
The issuance was listed on Euronext Dublin, NASDAQ Dubai and Bursa Malaysia, and was offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933.
Citi, Crédit Agricole CIB, Emirates NBD Capital, Gulf International Bank, HSBC, The Islamic Corporation for the Development of the Private Sector, NATIXIS, Société Générale and Standard Chartered Bank acted as joint lead managers on the issuance, while Kuwait International Bank acted as co-manager.
Dentons has advised the Islamic Development Bank with a team led by partner Alex Roussos (Picture), with assistance from senior legal consultant Katie Phillips and associate Sana Siddiqui.
Law Firms: Dentons;
Clients: Islamic Development Bank;