Bird & Bird advises the Islamic Corporation for the Development of the Private Sector on its return to the International Capital Markets

International law firm Bird & Bird has advised the Islamic Corporation for the Development of the Private Sector (the “ICD”) on a U.S.$500,000,000 Sukuk issuance maturing in 2029. The Sukuk are listed on the Main Market of Euronext Dublin and on Nasdaq Dubai and issued under the Trust Certificate Issuance Programme of ICDPS Sukuk Limited.

The Joint Lead Managers / Joint Bookrunners for this transaction were Al Rayan Investment LLC, Bank ABC, Boubyan Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital, Mashreq, MUFG and Standard Chartered Bank.

The Sukuk issuance was oversubscribed with an orderbook of over USD 2.2 billion and was oversubscribed by 4.2 times from 46 investors, demonstrating the confidence of investors in the ICD's vision and prospects. The proceeds from the Sukuk issuance will be invested in development assets, facilitating its mission to foster economic growth and development initiatives across their 56 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 the ICD on their return to the international debt capital markets. We are proud to support an institution whose mission to support the growth and prosperity of the private sector in its Member Countries has such a profound social impact across the Muslim world.

Samer Babelli, Finance Director of ICD, commented: “We would once again like to thank Bird & Bird for their support to the ICD on another benchmark Sukuk issuance. Following on from Bird & Bird’s assistance to the ICD on the recent groundbreaking Tenge denominated Sukuk in Kazakhstan, they are viewed as trusted advisors to the ICD.

The ICD’s recent Kazakh Tenge (KZT) denominated Sukuk represented a number of firsts, including:

  • the first-ever KZT Sukuk in the world;
  • the first Sukuk in the national currency of one of the Commonwealth of Independent States;
  • the first KZT Sukuk from an international development institution; and
  • the first Sukuk issued on an amortising basis, which has never been done from a sukuk programme before.

You can read more about the transaction here.

The Bird & Bird team was led by partner Gregory Man with assistance from associate Jessica White.

 

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