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Dentons and Al Tamimi & Co have advised Kuwait’s Boubyan Bank on its issuance of  $250 million Perpetual Tier 1 Capital Certificates, the world's first public fully Basel III-compliant Tier 1 sukuk.

The joint lead managers on the deal, Emirates NBD Capital, Dubai Islamic Bank PJSC, KFH Capital and National Bank of  Kuwait SAKP, were advised by Allen & Overy and Meysan Partners.  

The Dentons team on the deal was led by partner Alex Roussos.

The deal, which will enhance the bank's core capital, has received orders from local and international investors worth $1.3 billion. The sukuk is priced at 6.75 per cent and structured with a perpetual tenor, with an option for the bank to redeem the paper after the fifth year.

The co-ordinators for the deal were Standard Chartered Bank, HSBC and Boubyan Capital. Abu Dhabi Islamic Bank, Ajman Bank P.J.S.C. and Noor Bank acted as co-managers on this transaction.

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