Jul 18 2012 |
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Clifford Chance advises on U.S.$500 million Emirates Islamic Bank trust certificates issuance
Clifford Chance 's Dubai Office has advised Emirates Islamic Bank PJSC (" EIB ") and Emirates NBD PJSC (" ENBD ") on the issuance by EIB Sukuk Company Ltd. on 11 July 2012 of London Stock Exchange-listed U.S.$500 million 4.147 per cent. trust certificates due 2018 (the " EIB Sukuk") under its U.S.$1 billion Trust Certificate Issuance Programme (the "Programme").The EIB Sukuk confer on the certificateholders the right to receive specific payments arising from certain shari'a-compliant assets of EIB and have the benefit of a guarantee provided by ENBD in respect of EIB 's obligations under the EIB Sukuk.
Clifford Chance also advised EIB and ENBD on a previous issuance under the Programme in January this year of U.S.$500 million 4.718 per cent. trust certificates due 2017. Both the January issuance and the current issuance were heavily oversubscribed, with strong demand from regional and international investors.
The Clifford Chance team was led by Partner Debashis Dey with the support of Associates Xuan Jin and Alekhya Prakash.
Crédit Agricole Corporate and Investment Bank, Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, HSBC Bank plc and Standard Chartered Bank acted as the lead managers while First Energy Bank B.S.C.(c) and Sharjah Islamic Bank PJSC were the senior co-lead managers on the transaction.
For further information about Clifford Chance see www.cliffordchance.com
For further information about this release contact Debashis Dey (debashis.dey@cliffordchance.com) on +971 (0)4 362 0624
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