Dentons, has advised Qatar International Islamic Bank on its debut sustainable sukuk issuance. The US$500 million sustainable certificates, due in 2029, were issued by QIIB Senior Oryx Ltd, a special-purpose vehicle issuer incorporated in the Cayman Islands. The transaction was completed on 24 January 2024 with the participation of international and regional joint lead managers.
This issuance was part of an update to Qatar International Islamic Bank’s US$2 billion trust certificate issuance programme, which Dentons also advised on 11 January 2024. The issuance was rated A- by Fitch and was admitted to trading on the London Stock Exchange’s International Securities Market. It was also listed on the London Stock Exchange’s Sustainable Bond Market.
The issuance was offered to sophisticated investors outside the US, in reliance on Regulation S under the US Securities Act of 1933. More than 55% of the investors were from outside the Middle East region. With an order book in excess of US$4 billion, the issuance was more than eight times oversubscribed.
This marks the first sustainable sukuk issuance by Qatar International Islamic Bank and the first sustainable sukuk issuance from a Qatari bank to be listed on the London Stock Exchange.
Alex Roussos (pictured), Debt Capital Markets partner at Dentons’ Dubai office, commented on the issuance, “We are delighted to have supported QIIB on its debut sustainable sukuk issuance. This builds on Qatar’s commitment to sustainability and underscores the banking industry’s efforts to reach out to the green investor community and attract funds that will support it in creating a more sustainable environment for our societies.”
The Dentons team, led by partners Alex Roussos and Zaher Nammour, included senior legal consultant Katie Phillips, senior associate James Osun-Sanmi, and associates Samer El Husseini and Zeeshan Hussain.