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Denton Wilde Sapte has advised HSBC and Deutsche Bank as underwriters on an $850m (£524.7m) sukuk issuance by the Islamic Development Bank (IDB).
The issuance is part of the IDB’s trust certificate programme and was updated to include an increase of the aggregate issue limit to $1.5bn and transfer of the listing of the programme from Luxembourg to London.
Banking and finance partner Matthew Sapte, who led alongside structured finance senior associate Roy Neillie, said the firm was instructed as a result of a pre-existing relationship with HSBC.
“There are a number of reasons we were instructed,” said Sapte. “We’ve acted for HSBC before, we were recently joined in Dubai by [Islamic finance partner] Muddassir Siddiqui from the IDB and we were competitive with our quote.
“As part of the update there were a number of technical amendments. [But] ultimately the integrity of the structure remains the same.
“The listing shifted from Luxembourg to London because various things were taking longer than anticipated.”
Dentons debt capital markets partner David Cohen, assisted by structured finance associate Patricia Rodriguez, acted for the Law Debenture Trust Corporation as the delegate on the transaction.
Clifford Chance partner Antonio Rodriguez dealt with the listing for the IDB. IDB Trust Services was advised by banking partner Matthew Swan at Ogier.