Bird & Bird advises on issuance of US$500m Sukuk for Emirates Islamic Bank

09-2020

International law firm Bird & Bird has advised on the issuance of US$500,000,000 1.827 per cent. trust certificates due 2025 (the Certificates) for Emirates Islamic Bank PJSC (EI).

The Certificates, while backed by the credit of EI, were issued by EI Sukuk Company Ltd. under its U.S.$2,500,000,000 Certificate Issuance Programme listed on Euronext Dublin and on Nasdaq Dubai.

The Joint Lead Managers consisted of Bank ABC, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Standard Chartered Bank and The Islamic Corporation for the Development of the Private Sector.

Gregory Man, global head of Islamic finance and head of the Finance & Financial Regulation practice in the Middle East for Bird & Bird, commented: “We are very pleased to have advised on this benchmark issuance. This transaction showcases the growing capability of Bird & Bird to advise on notable debt capital markets and Islamic finance transactions in the region and across the globe.”

Anders Nilsson, managing partner in the Middle East, remarked: “The transaction is evidence of the broad spectrum of high-quality advice our Middle Eastern offices can provide. With Gregory’s team having joined the firm, the additional options that we can provide our clients is very exciting.”

The team was led by partner Gregory Man with assistance from Legal Director, Ganna Vlasenko.