Dentons advises IsDB in $1.75 Billion Trust Certificate Issuance 

Dentons has acted as legal counsel to the Islamic Development Bank (IsDB) in connection with the issuance of trust certificates totalling US$1.75 billion under its US$25 billion trust certificate issuance program. This transaction was successfully concluded on October 3, 2023, with the issuance being facilitated through a special purpose vehicle issuer registered in Luxembourg. 

Dentons has maintained a longstanding advisory relationship with IsDB for debt securities issuances in the global capital markets through IsDB’s sukuk program. 

The sukuk issuance was formally listed on Euronext Dublin and NASDAQ Dubai, with a focus on sophisticated investors outside the United States under Regulation S of the US Securities Act of 1933. Several major international and regional banks played pivotal roles as lead managers for the issuance. 

The Dentons team in Dubai was led by partner Alex Roussos (pictured), with assistance from senior associate Sana Siddiqui and paralegal Joseph Hunt. The Dentons team in Luxembourg was led by partners Stéphane Hadet and JeanLuc Fisch, with assistance from counsel Olivier Lesage and associate Christian Azoulay