Dubai—Dentons advised Islamic Development Bank (IsDB) on the issuance of EUR650 million Trust Certificates due 2023 under its US$25 million Trust Certificate Issuance Programme, which was previously updated by IsDB and IDB Trust Services Limited on 7 June 2018. The Firm has regularly advised IsDB on the issuance of debt securities denominated in US dollars in the past, and this transaction represents IsDB's first public Euro-denominated trade under their Sukuk programme. The transaction was successfully completed on 7 November 2018.

The issuance was listed on the London Stock Exchange and was offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933.

Crédit Agricole Corporate and Investment Bank, Natixis, Landesbank Baden-Württemberg and Standard Chartered Bank acted as joint lead managers on the issuance.

Dentons Debt Capital Markets partner Alex Roussos said, "We're delighted to have had the opportunity to support IsDB on their first public Euro-denominated trade. The transaction is testament to IsDB's continued efforts to diversify its funding sources and investor base, and the great support it has received in these efforts from market participants. We expect to continue to see the IsDB push the boundaries of Islamic capital markets in the future."

The Dentons team was led by partner Alex Roussos, with assistance from senior associate Katie Phillips and legal assistant Arjun Bhalla.

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