Norton Rose Fulbright advises on IDB $1.5bn sukuk
Dubai, March 17, 2014
Global legal practice Norton Rose Fulbright has advised the Islamic Development Bank (IDB) on its record issuance of $1.5 billion 1.8125 per cent Trust Certificates due in 2019 under its $10 billion Trust Certificate Issuance Programme.
The joint-lead managers were CIMB Bank, Commerzbank Aktiengesellschaft, First Gulf Bank, HSBC Bank, National Bank of Abu Dhabi, Natixis, RHB Investment Bank Berhad and Standard Chartered Bank.
The co-lead managers were Bank of London and the Middle East and Union National Bank.
Mohammed Paracha, partner and head of Islamic finance MEA, Norton Rose Fulbright, said: “The Islamic Development Bank’s benchmark issuance has again pushed the boundaries for Sukuk. We are proud to be associated with the programme having recently also updated it to its record size of $10 billion.
“The listing on Nasdaq Dubai of this issuance as well as the recent listing of the certificates due in 2014, 2015, 2016, 2017 and 2018 on Nasdaq Dubai also reinforces Dubai’s position as the capital for the Islamic Economy.”
The Norton Rose Fulbright team was led by Dubai partner Mohammed Paracha and London partner Tak Matsuda, with assistance from senior associate Jacqueline Heng and associate Shakeel Adli.
Dentons UKMEA advised the managers in respect of the certificates and Ogier provided Jersey law advice. - TradeArabia News Service