Dentons advises AFC on its inaugural Sukuk issuance

Dentons advised Africa Finance Corporation (AFC), a pan-African multilateral development finance institution and project developer, on its inaugural issuance of USD150 million trust certificates (Sukuk) due 2020, which completed on January 24, 2017. In addition to being AFC’s maiden Sukuk issuance, the transaction represented the first Sukuk to be issued by an African supranational entity. The Sukuk were offered to international investors outside of the United States on a private placement basis.

Emirates NBD Bank PJSC acted as sole global co-ordinator, together with Rand Merchant Bank (a division of FirstRand Bank Limited) and MUFG Securities EMEA plc as joint lead managers on the issuance of the Sukuk.

The Dentons team was led by partner Alex Roussos, assisted by senior associate Beene Ndulo and associate Sana Siddiqui in Dubai. Raj Kulasingam, in London, and Neil Cuthbert, in Dubai, participated as the key relationship partners at Dentons for the AFC.