White & Case advises on issuance of US$500 million Trust Certificates following simultaneous updates of The Arab Energy Fund’s Global Medium Term Note Programme and Trust Certificate Issuance Programme

Global law firm White & Case LLP has advised the arranger and dealers on the update of Arab Petroleum Investments Corporation's (trading as The Arab Energy Fund) Global Medium Term Note Programme (GMTN Programme) and Trust Certificate Issuance Programme.

"The White & Case team advised on the update of The Arab Energy Fund's Trust Certificate Issuance Programme to reflect the latest Sharia requirements and support its return to the sukuk market with its AAOIFI-compliant issuance of ten-year tenor sukuk, which was well received by the markets," said White & Case partner Debashis Dey, who led the Firm's deal team.

The arranger on both programmes was Citigroup Global Markets Limited (Citigroup) and the dealers comprised Citigroup, Emirates NBD Bank PJSC (ENBD), First Abu Dhabi Bank PJSC, HSBC Bank Plc, J.P. Morgan Securities plc, Mashreqbank psc (Mashreqbank) and Standard Chartered Bank (SCB), with the addition of Abu Dhabi Islamic Bank and Dubai Islamic Bank on the Trust Certificate Issuance Programme.

Both the GMTN Programme and the Trust Certificate Issuance Programme were approved by the Central Bank of Ireland and listed on Euronext Dublin, with the Trust Certificate Issuance Programme also approved by the Dubai Financial Services Authority and listed on Nasdaq Dubai.

White & Case also advised the managers on the subsequent issuance of AAOIFI-compliant Wakala-Murabaha ten-year US$500 million Trust Certificates due 2036 under the Trust Certificates Issuance Programme.  

The managers comprised Abu Dhabi Islamic Bank PJSC, Al Dawli Invest Investment Company KSCC (KIB Invest), Citigroup, Dubai Islamic Bank PJSC, ENBD, KFH Capital Investment Company K.S.C.C., Mashreqbank, Nomura International plc and SCB.

The White & Case team that advised on the transactions was led by partner Debashis Dey (Dubai & London) and included local partner Marcin Zawadzki (Dubai) and associates Amir Mehdizadeh Iranpour and Patrick Chindo (both Dubai).

Press contact
For more information please speak to your local media contact.