Slaughter and May advised International Finance for Immunisation Company (IFFIm) on the issuance by IFFIm Sukuk Company Limited of IFFIm's inaugural Sukuk, raising US$500,000,000 for children's immunisation in the world's poorest countries through Gavi, the Vaccine Alliance. This transaction is the largest Sukuk al-Murabaha issuance in the public markets and is the largest inaugural Sukuk offering by a supranational.

The 3-year Sukuk - a financial certificate that complies with Islamic law - provides institutional investors with a socially responsible investment that will help protect tens of millions of children against preventable diseases. The issue, maturing on 4 December 2017, has an issue price of 100% and carries a quarterly coupon of +15 basis points over 3-month USD LIBOR.

The Sukuk was coordinated by Standard Chartered Bank, working with joint lead managers Barwa Bank, CIMB, National Bank of Abu Dhabi (NBAD) and NCB Capital Company (NCB Capital).

CONTACTS

Financing: Marc Hutchinson (partner), Mark Dwyer (partner), Andrew Chaplin (associate); Tax: William Watson (partner), Greg Price (associate)