King & Spalding advised the Islamic Development Bank (IDB) on a benchmark USD750 million sukuk that has been dual-listed on the London Stock Exchange and Bursa Malaysia. The transaction closed today.
“This transaction is important because it sets a benchmark yield for IDB risk,” said Rizwan H. Kanji, a debt capital markets partner with the Middle East and Islamic finance practice of King & Spalding in Dubai, United Arab Emirates. “It also is expected to help re-energize the sukuk market after a period of relatively low issuance of sukuk.”
Kanji advised the IDB on the transaction, with assistance from Dubai-based senior lawyer Lidia Kamleh.
The joint lead managers on the transaction were BNP Paribas, Deutsche Bank A.G. (London branch), HSBC and Standard Chartered Bank.
The Islamic Development Bank, a multilateral development financing institution that provides technical assistance and funding to the Islamic world, was founded by the Finance Ministers of the Organization of the Islamic Conference in December 1973. The IDB finances private and public projects among its 56 member countries, including investment in economic and social infrastructure projects, the provision of technical assistance and promotion of foreign trade, especially capital goods.
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