International law firm Norton Rose has advised Islamic Development Bank on the update of its $6.5 billion Islamic bond on sukuk programme. The programme includes an issuance of $800 million sukuk as well.
The programme was arranged by HSBC Bank. The joint lead managers were Barwa Bank, BNP Paribas, CIMB Bank, NCB Capital, and Standard Chartered Bank. Al Hilal Bank (PJSC) was the co-lead manager in respect of the sukuk certificates.
The Norton Rose team was led by partner Mohammed Paracha with capital markets of counsel Alex Roussos, assisted by associate Faris Al Amoudi in Dubai. Farmida Bi, partner and head of Islamic finance for Europe in London provided additional support. SNR Denton advised the arranger and joint lead managers while Ogier provided Jersey law advise and acted as corporate services provider to the special purpose vehicle, established under the programme.
"We are proud to have been part of this important deal for the Islamic Development Bank. The success of the IsDB's deal is testament to the continuing interest demonstrated by the investor community for highly rated Sukuk paper originating in the Middle East,” said of counsel Roussos.
IDB, rated AAA, last tapped debt markets in May 2011, when it priced a $750 million five-year sukuk.
Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.
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