International law firms Allen & Overy and Clifford Chance are advising the Dubai Islamic Bank (DIB) and its lead arranging banks on a potential benchmark Islamic bond offering, a source familiar with the matter told The Brief.
Allen & Overy is advising the emirate’s largest sharia-compliant bank, the Dubai Islamic Bank, while Clifford Chance is advising the mandated banks. Earlier this month, Reuters reported that the lender had picked HSBC, National Bank of Abu Dhabi, Emirates NBD, Deutsche Bank and itself for the deal. Offshore law firm Maples & Calder is advising DIB on the Cayman Island-based special purpose vehicle set up to structure the Islamic bond, or sukuk, the source added.
The company is currently in global investor meetings ahead of a potential benchmark-sized five-year issue. Benchmark issues are usually valued at a minimum of $500 million. The Dubai Islamic Bank began investor meetings in Kuala Lumpur and Singapore over the weekend. The roadshow took place in Abu Dhabi and Dubai on Sunday before concluding in London on Monday, May 21.
The DIB last tapped debt markets in 2007 with a $750 million sukuk, arranged by Barclays, Citigroup and Standard Chartered. Allen & Overy advised the banks on the 2007 deal, while the DIB was advised by Denton Wilde Sapte at the time. Maples & Calder advised the special purpose vehicle. The bond was repaid earlier this year. ALB
Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.
Other related stories: