SNR Denton announced today its Islamic Finance practice has been simultaneously advising on a number of Sukuk (Islamic bond) issuances from the Middle East region.
They include the following:
- US$400 million Trust Certificates due 2016 issued by SIB Sukuk Company II Limited on behalf of Sharjah Islamic Bank. We acted for HSBC, Standard Chartered and Liquidity House as Joint Lead Managers.
- US$750 million Trust Certificates due 2016 issued by IDB Trust Services Limited on behalf of Islamic Development Bank. We acted for HSBC, Standard Chartered, Deutsche Bank and BNP Paribas as Joint Lead Managers.
- A private placement of trust certificates issued by a confidential issuer. We acted for the sole lead manager.
London partner Matthew Sapte led all three deals, and was supported by a team of lawyers including senior associate Roy Neillie and lawyer Laura Cansdale. Paul Jarvis, a Partner in Abu Dhabi, provided local advice. This same team advised on a number of successful Sukuk in the past 18 months including a complex liability management project for the Government of Ras-Al-Kaimah and further issuances by the Islamic Development Bank.
“In 2010 we suggested that the sukuk markets were thawing out. These deals indicate that 2011 could be an even busier year.” says Sapte. “The fact that our team has been advising on a number of recent deals demonstrates the capabilities of our Islamic finance team throughout our extensive office network.”
London partner David Cohen and lawyer Gareth Burton acted for the Delegate on the deals. Citi was Delegate on the SIB transaction and Law Debenture on the Islamic Development Bank transaction.
Clifford Chance advised Sharjah Islamic Bank and King & Spalding advised the Islamic Development Bank on the respective deals.
SNR Denton’s Islamic Finance practice advises on the full range of Shari’ah-compliant activities, including Sukuk, transactional banking, project finance, M&A, structured finance, regulatory reform, funds, private equity, investment funds and takaful. The team is international, and our unique Middle East footprint sets us apart from the competition, with offices in Abu Dhabi, Amman, Doha, Dubai, Cairo, Kuwait, Manama, Muscat, Riyadh and associate firms in Beirut and Istanbul.
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