Dentons advises Boubyan Bank

The transaction represents the world’s first public fully Basel III-compliant Tier 1Sukuk, while also being the first ever public Sukuk from a Kuwaiti bank.

Dentons advised Kuwait’s Boubyan Bank on its issuance of USD250 million Perpetual Tier 1 Capital Certificates, which completed on May 16, 2016. The transaction represents the world’s first public fully Basel III-compliant Tier 1 Sukuk, while also being the first ever public Sukukfrom a Kuwaiti bank, and the first public Sukuk out of Kuwait since 2007.

The Capital Certificates were listed on the Irish Stock Exchange and NASDAQ Dubai and were offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933.

Standard Chartered Bank, HSBC and Boubyan Capital acted as joint global co-ordinators, together with Emirates NBD Capital, Dubai Islamic Bank P.J.S.C., KFH Capital and National Bank of Kuwait S.A.K.P. as joint lead managers on the issuance of the Capital Certificates. Abu Dhabi Islamic Bank, Ajman Bank P.J.S.C. and Noor Bank acted as co-managers on this landmark transaction.

The Dentons team was led by partner Alex Roussos, assisted by senior associate Beene Nduloand associate Sana Siddiqui.