Simmons & Simmons on the first corporate trust certificate by Qatari corporation

Simmons & Simmons advised Al Rayan Investment, Lesha Bank, and The First Investor Q.S.C.C., in their capacities as Joint Lead Managers on the successful issuance of QAR 500,000,000 in trust certificates by Estithmar Holding Q.P.S.C. This issuance took place under the QAR 3,400,000,000 trust certificate issuance programme established by Estithmar Holding Q.P.S.C earlier this year, on which Simmons & Simmons also advised. This transaction represents a significant milestone as the first corporate trust certificate denominated in Qatari Rial (QAR) by a Qatari corporation and marks the first QAR-denominated issuance since Clearstream Banking S.A. reinstated QAR as a settlement currency in July 2024. The QAR 500 million trust certificates have been admitted to trading on the International Securities Market of the London Stock Exchange plc.

Simmons & Simmons team

Debt capital markets partner Lee Irvine (pictured) led the team and was supported by supervising associate Soony Tang. London partner James Bresslaw advised Citibank, N.A., London branch as delegate.

Estithmar Holding

Estithmar Holding Q.P.S.C, formerly known as Investment Holding Group Q.P.S.C, is a conglomerate headquartered in Qatar, that manages a portfolio of subsidiary companies operating in a variety of sectors, including healthcare, services, ventures and contracting.