Norton Rose Fulbright advises The Islamic Corporation for the Development of the Private Sector on its first public fund raising in the debt capital markets

Business April 14, 2016

Global law firm Norton Rose Fulbright has advised The Islamic Corporation for the Development of the Private Sector (ICD) in connection with its debut public issuance of US$300,000,000 trust certificates, which were admitted to trading on the London Stock Exchange and on Nasdaq Dubai.

While backed by the credit of ICD as obligor, the certificates were issued by Hilal Services Ltd, a Cayman Islands incorporated SPV. The certificates will pay a profit rate of 2.468 per cent and will mature in 2021.

This represents the first public issuance following the establishment of the Regulation S compliant Sukuk Issuance Programme in December 2015, on which Norton Rose Fulbright also advised, and is the first time that ICD has publicly issued into the international debt capital markets.

Gregory Man, head of debt capital markets, Middle East, commented:

“We are pleased to have advised ICD on its first public fundraising in the debt capital markets. This transaction represents a landmark for ICD and demonstrates its ability to access funding from the international debt capital markets as an alternative source of future funding.”

The joint lead managers were ABC Islamic Bank E.C., Boubyan Bank K.S.C.P., CIMB Bank (L) Limited, Dubai Islamic Bank P.J.S.C., Emirates NBD P.J.S.C., First Gulf Bank PJSC, HSBC Bank plc, Mizuho International plc, Société Générale, Standard Chartered Bank and Warba Bank KSPC. The Co-Manager was Bank of London and the Middle East plc.

The team was led by capital markets partner Gregory Man with assistance from senior associate Diane d’Almeida and associate Tom Burke.

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