Islamic Development Bank’s $2.5 Billion Sukuk Offering

Dentons has advised the Islamic Development Bank on the offering.

The Islamic Development Bank (IsDB) completed the issuance of US$2.5 billion trust certificates under its US$25 billion trust certificate issuance programme, which marks the IsDB’s largest issuance to date and also its second sustainable sukuk issuance (in addition to its earlier green sukuk). The transaction also represented the largest sustainable sukuk issuance globally to date.

The proceeds from the sustainable issuance will be used exclusively to finance green and social projects to assist the IsDB’s member countries. The transaction was successfully completed on 31 March 2021, and the issuance was made through a new special purpose vehicle issuer incorporated in Luxembourg.

The Dentons team in Dubai was led by partner Alex Roussos (Picture), with assistance from associate Sana Siddiqui. The Dentons team in Luxembourg was led by partners Stéphane Hadet and Jean-Luc Fisch, with assistance from counsel  Bruno Hrovat and associate Alexia André. Wendell Faria in Washington advised on US regulatory aspects and Grant MacKenzie in Calgary advised on Canadian securities law aspects of the transaction.

Involved fees earner: Alexia André – Dentons; Jean-Luc Bédos – Dentons; Wendell Faria – Dentons; Stephane Hadet – Dentons; Bruno Hrovat – Dentons; Grant MacKenzie – Dentons; Alex Roussos – Dentons; Sana Siddiqui – Dentons;

Law Firms: Dentons;

Clients: Islamic Development Bank;

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