Dubai—Dentons advised the Islamic Development Bank (IsDB) on the issuance of US$1.5 billion Trust Certificates due 2024 under its US$25 billion Trust Certificate Issuance Programme. Dentons has regularly advised IsDB on the issuance of debt securities in the international capital markets under IsDB's sukuk programme. The transaction was successfully completed on 25 April 2019 and marked IsDB’s first public issuance in 2019.

The issuance was listed on the London Stock Exchange, NASDAQ Dubai and Bursa Malaysia, 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, Emirates NBD, First Abu Dhabi Bank, Gulf International Bank, HSBC, J.P. Morgan, Natixis and Standard Chartered Bank acted as joint lead managers on the issuance.

The Dentons team was led by partner Alex Roussos, with assistance from legal consultant Katie Phillips and trainee solicitor Amnah Al Yousif.

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