International law firm Bird & Bird has advised the Islamic Corporation for the Development of the Private Sector (the “ICD”) on a U.S.$600,000,000 Sukuk issuance due 2025. 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%.
Mr Ikbal Daredia, Advisor to the CEO and the Acting Director of Global Markets Fixed Income and Treasury remarked: “We thank Bird & Bird for their advice and all the investors who subscribed to the Sukuk issuance. The ICD’s mandate is to support the development of the private sector in our member countries, and this Sukuk issuance is a success story that we are all very proud of. It is certainly an additional step towards our objectives and will help to pave the way for creating new jobs and sustainable and balanced growth in our member countries”
Gregory Man, global head of Islamic Finance and head of the Finance & Financial Regulation practice in the Middle East for Bird & Bird, commented: “Bird & Bird are very pleased to have had the opportunity to advise on another benchmark Sukuk issuance in the region supporting one of the world’s most important institutions supporting the growth and prosperity of the private sector in the Muslim world. This is particularly pertinent in the challenging economic environment when the need for such funding is as acute as ever.”
The team was led by partner Gregory Man with assistance from Legal Director, Ganna Vlasenko.