Dentons advises QIIB on its USD250 million sustainable sukuk tap issuance

Dentons has advised Qatar International Islamic Bank (QPSC) on its tap issuance of USD250 million sustainable certificates due 2029 issued by QIIB Senior Oryx Ltd, a special purpose vehicle issuer incorporated in the Cayman Islands. The transaction was completed on July 31, 2024. Dentons also advised on the original 11 January 2024 USD500 million sustainable sukuk issuance under Qatar International Islamic Bank’s USD2 billion trust certificate issuance programme.

The issuance was rated A by Fitch. The issuance was priced at 100 basis points over US Treasuries, with an annual yield of 5.138 per cent. Like the original issuance, the tap issuance was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933. It was admitted to trading on the London Stock Exchange’s International Securities Market and was listed on the London Stock Exchange’s Sustainable Bond Market.

The Dentons team was led by partners Alex Roussos and Zaher Nammour, with assistance from senior legal consultant Katie Phillips, senior associate James Osun-Sanmi, and associates Samer El Husseini and Zeeshan Hussain.