ASAR with Dealers and JLMs on Warba Bank landmark Issuance of Sustainable Certificates
ASAR acted as Kuwait law counsel to the Dealers and Joint Lead Managers in the successful update of a US$2 billion Trust Certificate Programme to include a Sustainable Sukuk Issuance Framework for Warba Sukuk Limited and the landmark issuance of US$500 million (5.351%) Sustainable Trust Certificates due 2029 under this program.
ASAR’s team
ASAR’s team advising the Joint Lead Managers was comprised of, Rob Little, John Cunha (partner), Emile Helou (of counsel) and Mustafa Sayed (associate).
Dealers and joint lead managers
The dealers and joint lead managers comprised a distinguished group of financial institutions including, Emirates NBD Bank, HSBC Bank, Standard Chartered Bank, Al Rayan Investment, Arab Bank Corporation (B.S.C.), Boubyan Bank, Dubai Islamic Bank, KFH Capital Investment Company, Mashreqbank psc (acting through its Islamic Banking Division), The Islamic Corporation for the Development of the Private Sector, and Warba Bank.
About the issuance
The proceeds will be deployed by Warba Bank, established in 2010, in accordance with its sustainable finance framework. The Sustainable Certificates have been dual-listed on the London Stock Exchange’s International Securities Market and Nasdaq Dubai.
The issuance was met with exceptional investor demand, garnering an order book exceeding US$1.8 billion with broad global participation. This landmark transaction not only strengthens Warba Bank’s position in the debt capital markets but also represents a significant step forward in the growth of sustainable financing in Kuwait.