Dubai:– Dentons has advised longstanding client Commercial Bank of Dubai (CBD) on its issue of US$600 million perpetual Additional Tier 1 capital securities, which completed on 21 October 2020. This was the latest on a long list of Basel III-compliant Additional Tier 1 instruments the Dentons team has worked on across the Gulf Cooperation Council (GCC).

Dentons also regularly advises CBD on its annual EMTN programme updates and the issuance of notes under the programme.

Standard Chartered Bank and Citi acted as joint structuring agents and joint global co-ordinators on this transaction. The joint lead managers in respect of the issuance were Barclays, Citi, Emirates NBD, First Abu Dhabi Bank, Nomura and Standard Chartered Bank. The Capital Securities are listed on Euronext Dublin and the proceeds will be used for general corporate purposes and to further strengthen the bank's capital base.

Dentons Capital Markets partner, David Cohen, based in Dentons' London office, commented "This was a highly prestigious and important transaction for the bank and we were delighted to work on the deal. It's another great example of our ability to field multi-jurisdictional teams to deliver on high-profile securities issues ".

Dentons Debt Capital Markets partner Alex Roussos, based in Dentons' Dubai office, commented, "We are grateful for the opportunity to support CBD on their inaugural Additional Tier 1 (AT1) bond. This was a milestone transaction for the bank and a significant transaction for our markets, as banks in the UAE continue to successfully raise good quality capital from local and international investors. Our firm continues to be intricately involved in Basel III developments in the region, having worked on a large number of AT1 bonds and Sukuk and Tier 2 instruments across the GCC in recent years".

The Dentons team in London was led by David Cohen, with assistance from associates A.Moeen Qayum, Niharika Khimji and trainee Kristine Jensen.

The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior legal consultant Katie Phillips, associate Sana Siddiqui and legal assistance Maryam Abbas.

-Ends-

For further information, please contact:
Kerry Schultz
Business Development and Marketing Manager

Our COVID-19 Client Resources Hub is available to the public, part of Dentons' global commitment to help our clients and our communities navigate this pandemic's legal and business challenges.

D +971 4 402 0872 
Kerry.Schultz@dentons.com 
Dentons & Co.
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Burj Khalifa District
PO Box 1756, Dubai

About Dentons 
Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic.  www.dentons.com 

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