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Clifford Chance and Denton Wilde Sapte (DWS) have bagged lead roles advising on the world’s largest ever Islamic bond.
Clifford Chance advised longstanding client Dubai World and its subsidiary Nakheel PJSC (Nakheel) on Nakheel’s US$3.52bn (£1.8bn) Islamic-compliant bond issue, which is the largest sukuk issue in the world to date.
The sukuk certificates will be listed on Dubai International Financial Exchange and bondholders will have an option to subscribe for shares in any future public offering of shares by Nakheel or any of its subsidiaries within the next 4 years.
Clifford Chance partner Simon Sinclair led the team in London with assistance from associates Kate Vyvyan and Alex Roussos.
Sinclair told The Lawyer: “The significance of this deal is clearly its size, which highlights the huge potential of the market for sukuks. It also shows that there is significant interest in the equity market in that region.”
Earlier this year, Clifford Chance advised on Dubai Ports Authority on its $3.5bn (£1.96bn) convertible bond issue, with DWS advising the joint lead managers Dubai Islamic Bank and Barclays. DWS has reprised its role in this deal, by acting for the two banks, in their roles as joint lead managers. Finance partner Matthew Sapte led the team.
Nakheel is the dveloper of Dubai developments including The Palm, Jumeirah and The World.