JEDDAH, Saudi Arabia -- King & Spalding has advised the Islamic Development Bank (IDB) on the establishment of a US$25 billion Sukuk programme, triple listed on the London Stock Exchange, Nasdaq-Dubai and Bursa Malaysia. The programme is rated "AAA" by S&P and Fitch and "Aaa" by Moody's.
"We are particularly delighted to have advised our longstanding client IDB on the establishment of what is to date the largest Sukuk programme," said Rizwan H. Kanji, a debt capital markets partner at King & Spalding in Dubai, United Arab Emirates.
The IDB, 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, frequently via Sukuk programmes, 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.
King & Spalding's Kanji advised the IDB on the transaction with assistance from Dubai-based senior associate Hamed Afzal and Washington, D.C.-based transaction specialist Gina Bunker. The lead manager on the transaction was Standard Chartered Bank plc and dealers included CIMB, HSBC, National Bank of Abu Dhabi, Natixis and Standard Chartered Bank.
About King & Spalding
Celebrating more than 130 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 900 lawyers in 18 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.
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King & Spalding
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© Press Release 2015
