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.
For more information contact:
Meeta Vadher, Senior PR Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595 886 276
Notes for editors:
Norton Rose Fulbright is a global law firm. We provide the world’s preeminent corporations and financial institutions with a full business law service. We have 3800 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.
Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.
Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.
For more information about Norton Rose Fulbright, see nortonrosefulbright.com/legal-notices.