Dentons advises bank syndicate on Islamic Development Bank’s USD1 billion sukuk

Dentons has advised a syndicate of banks (Bank of China, Bank of Montreal, London Branch, BNP PARIBAS, ICBC, J.P. Morgan, KIB Invest, Nomura, and Warba Bank), led by Standard Chartered Bank, as joint lead managers on The Islamic Development Bank’s (IsDB) issuance of USD1 billion 4.227 per cent fixed rate trust certificates due 2031 under its USD25 billion trust certificate issuance programme. The transaction was successfully completed on May 14, 2026.

Matthew Sapte, Banking and Finance partner at Dentons, commented, “We are delighted to have advised the Joint Lead Managers on this latest sukuk issue by The Islamic Development Bank. The strong investor demand reflects the continued depth and resilience of the sukuk market, as well as IsDB’s longstanding reputation as a leading supranational issuer.”

The five-year issuance, rated Aaa/AAA/AAA by Moody’s, S&P and Fitch, attracted strong investor demand with an orderbook exceeding USD2.65 billion. The trust certificates were listed on Euronext Dublin and NASDAQ Dubai.

Victoria Wyer, debt capital markets partner at Dentons, added,“This transaction highlights the continued maturity of the sukuk market, particularly for highly rated sovereign and supranational issuers. It was a pleasure to support the banks on this issue, and we are proud to have worked alongside all parties involved in delivering another successful issuance for The Islamic Development Bank.”

Dentons also acted on the IsDB’s €500 million green sukuk issuance in October 2025 and the September 2025 update of IsDB’s US$25 billion trust certificate issuance programme.

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