DUBAI, 20 October 2016 – Hogan Lovells has advised the Islamic Corporation for the Development of the Private Sector (ICD) as Lead Arranger on the issuance of three sovereign sukuk in West Africa.

These include sophomore issuances for the Government of Cote d'Ivoire and the Government of Senegal, and a debut issuance for the Republic of Togo. 

The sukuk were listed on the Bourse Régionale des Valeurs Mobilières (BRVM) at a ceremony in Abidjan, Cote d'Ivoire on 18 October, together with the debut issuances for Senegal and Cote d'Ivoire, resulting in a listing of a combined issuance of CFA766bn. Investors originated from a number of different countries across the Gulf and the Far East.

Hogan Lovells has worked extensively with ICD in Africa over the last few years, having advised on the initial sukuk issuances for Cote d'Ivoire and Senegal. The Hogan Lovells team was led by Islamic finance partner Imran Mufti, with support from Baptiste Gelpi (Partner, Paris).

Commenting on the transaction, Imran said:

"We were delighted to assist ICD in these landmark transactions which continue the development of Islamic finance in West Africa. We expect to see a steady increase in the use of Islamic financing in the region as governments seek to raise funds for key infrastructure projects in sectors such as transportation, telecoms and healthcare. The listing on the BRVM should improve liquidity achieving a key objective of the investors."

Zaky Sow, Sukuk Project Manager for ICD added:

"These transactions represent a major milestone for Islamic finance in Africa, cementing its use in Cote d'Ivoire and Senegal and opening up a new stream of investment in Togo. We were very happy to work with Hogan Lovells' team once again, knowing that they would provide a first class service and expert advice, as well as a deep understanding of the market."

Hogan Lovells has a first-rate reputation as a leader in Islamic finance, having advised on many first-of-their-kind transactions, such as the first major sukuk by an African sovereign, the first convertible sukuk, the first equity-linked sukuk, the first Sharia-compliant securitisation, the first international sukuk al-mudaraba and sukuk al-musharaka, the first sukuk buy-back, and the first Multilateral Investment Guarantee Agency (MIGA) guaranteed Islamic project financing.