Norton Rose Fulbright has advised the Islamic Development Bank (IsDB) on its US$1.5 billion 2.111 per cent Trust Certificates due 2019 (the Certificates) issued under its US$10 billion Trust Certificate Issuance Programme (the Programme). This follows on from an earlier US$1.5 billion drawdown in March 2014.

The Joint-Lead Managers were CIMB Bank (L) Limited; Deutsche Bank AG, London Branch; First Gulf Bank PJSC; GIB Capital L.L.C.; HSBC Bank plc; Maybank Investment Bank Berhad; National Bank of Abu Dhabi P.J.S.C.; Natixis; and Standard Chartered Bank. The Co-Lead Managers were Bank of London and the Middle East PLC and NCB Capital Company.

Gregory Man, debt capital markets partner at Norton Rose Fulbright commented: “We are pleased to have been involved in yet another landmark Sukuk issuance, once again acting for the Islamic Development Bank. The successful pricing and distribution of the transaction builds on the success of their previous drawdown in March of this year. This transaction also continues Norton Rose Fulbright’s track record of working on innovative Sukuk deals in both the Middle East and Asia. Our recent advice to the Government of the Hong Kong Special Administrative Region of the People's Republic of China on their debut Sukuk is further evidence of our ability to advise strategic governmental and supra-national issuers on their ground-breaking transactions.”

The Norton Rose Fulbright team was led by Dubai partners Gregory Man and Mohammed Paracha, with assistance from senior associate Jacqueline Heng (London) and trainee Jennifer Cutting (London).

Dentons advised the Managers in respect of the Certificates and Ogier provided Jersey law advice.