Islamic Corporation for the Development of the Private Sector’s U.S.$600 Million Sukuk Offering

Bird & Bird has advised the Islamic Corporation for the Development of the Private Sector on the deal.

The Sukuk are listed on the London Stock Exchange and Nasdaq Dubai and issued under the Trust Certificate Issuance Programme of ICDPS Sukuk Limited with the benefit of a guarantee provided by the ICD.

The Joint Global Coordinators and Joint Lead Managers were Goldman Sachs International, HSBC Bank plc and Standard Chartered Bank. Other Joint Lead Managers included Arab Banking Corporation (B.S.C.), Boubyan Bank K.S.C.P., Dubai Islamic Bank P.J.S.C., Emirates NBD Bank P.J.S.C., First Abu Dhabi Bank PJSC, Gulf International Bank B.S.C., the ICD, KFH Capital Investment Company K.S.C.C., Landesbank Baden-Württemberg, Mizuho International plc, Samba Capital & Investment Management Company, SMBC Nikko Capital Markets Limited and Warba Bank K.S.C.P..

The diversity of the orderbook saw investors from Europe, Asia, and the Middle East. More specifically, 4% of the transaction was allocated to UK/Europe, 21% to Asia, 75% to the Middle East. By investor type, fund managers were allocated 13%, Banks/Private Banks 57%, Agencies/Central Banks 29%, and Others 1%.

The team was led by partner Gregory Man (Picture) with assistance from Legal Director, Ganna Vlasenko.

Involved fees earner: Gregory Man – Bird & Bird; Ganna Vlasenko – Bird & Bird;

Law Firms: Bird & Bird;

Clients: Islamic Corporation for the Development of the Private Sector;

Author: Michael Patrini.