Global law firm White & Case LLP has advised Investment Corporation of Dubai on the US$1 billion issuance of trust certificates by ICD Sukuk Company Limited under its US$2.5 billion trust certificate issuance programme.
The trust certificates, which were issued in a single tranche maturing in 2027, were offered pursuant to Regulation S and are listed on the Nasdaq Dubai and on the Irish Stock Exchange, and have a profit rate of five percent per annum.
"ICD's sukuk issuance represents a successful return to the market by the principal investment arm of the Dubai Government and a great start in 2017 for sukuk issues in the region," said Dubai-based White & Case partner Debashis Dey, who led the Firm’s deal team. "The deal is the second US dollar-denominated sukuk and largest sukuk issuance in 2017 to date, and its structure included an ijara and a commodity murabaha component."
Citigroup, Dubai Islamic Bank, Emirates NBD, HSBC, J.P. Morgan, National Bank of Abu Dhabi and Standard Chartered Bank acted as Joint Lead Managers on the offering of trust certificates.
The White & Case team in Dubai which advised on the transaction was led by partner Debashis Dey with support from associates Xuan Jin, James Clarke, Sankalp Labroo and Adam Gao.
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