Clifford Chance has advised Standard Chartered Bank on the world’s first Formosa Sukuk for Qatar Islamic Bank which was issued at a value of US$800 million.
The five-year Sukuk is dual listed on the Taipei and Irish Stock Exchanges and is considered to be the first Reg S Sukuk listed on the Taipei Stock Exchange.
This issuance aligns with QIB’s strategy to diversify funding from new international markets and the new regulations issued by the Taiwanese regulatory authorities have enabled QIB to take advantage of a market that previously only conventional issuers could access.
The Clifford Chance team comprised of Stuart Ure (Picture) and Senior Associate, Mohsin Abbasi.
Lee & Li advised QIB as to Taiwanese law.
Law Firms: Clifford Chance;
Clients: Standard Chartered Bank;