Dubai—Dentons has advised the Islamic Development Bank (IsDB) on the issuance of US$2 billion trust certificates under its US$25 billion trust certificate issuance programme. The transaction was successfully completed on 14 March 2023, and the issuance was made through a special purpose vehicle issuer incorporated in Luxembourg.

Dentons has regularly advised the IsDB on the issuance of debt securities in the international capital markets under its sukuk programme.

The issuance was listed on Euronext Dublin and NASDAQ Dubai, and was offered to sophisticated investors outside the US in reliance on Regulation S under the US Securities Act 1933. A number of major international and regional banks acted as lead managers on the issuance.

The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior associate Sana Siddiqui and paralegal Fatma Rajab. The Dentons team in Luxembourg was led by partners Stéphane Hadet and Jean-Luc Fisch, with assistance from counsel Olivier Lesage.

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