Dentons advises bank syndicate on IsDB’s USD1.5 billion sukuk

Dentons has advised a syndicate of banks (Bank of China, Barclays Bank PLC, BMO Capital Markets, China International Capital Corporation, Goldman Sachs International, HSBC, ICBC, KFH Capital, NATIXIS and Société Générale), as joint lead managers on The Islamic Development Bank’s (IsDB) issuance of USD1.5 billion fixed rate trust certificates due 2031 under its US$25 billion trust certificate issuance programme. The transaction was successfully completed on 10 September 2026.

The five-year issuance, rated Aaa/AAA/AAA by Moody’s, S&P and Fitch, attracted strong investor demand, with the orderbook exceeding USD2.75 billion – surpassing IsDB’s previous record orderbook of USD2.65 billion achieved in May 2026. Final allocations were well diversified across the Middle East and Africa (39 per cent), UK and Europe (36 per cent), Asia (13 per cent) and Offshore US (12 per cent), reflecting IsDB’s deep international investor base and continued access to the international sukuk market.

The trust certificates were listed on the International Securities Market of the London Stock Exchange, Euronext Dublin and NASDAQ Dubai. IsDB will deploy the proceeds towards project financing across its eligible Member Countries in line with its Strategic Framework, supporting sustainable socio-economic growth.

The transaction demonstrates IsDB’s credit strength and established investor relationships, enabling it to achieve its funding objectives against a backdrop of continued geopolitical volatility.

Dentons also acted on IsDB’s USD1 billion sukuk issuance in May 2026, its €500 million green sukuk issuance in October 2025 and the September 2025 update of IsDB’s USD25 billion trust certificate issuance programme.

The Dentons team was led by partners Victoria Wyer, Peter Cullen and Matthew Sapte with assistance from associate Kellie Diggin.