Dentons advises QIIB on its USD500 million sustainable sukuk issuance
Dentons has advised Qatar International Islamic Bank (QPSC) on its issuance of US$500 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 24 January 2024 with the participation of international and regional joint lead managers. Dentons also advised on the related 11 January 2024 update of Qatar International Islamic Bank’s US$2 billion trust certificate issuance programme.
The issuance was rated A- by Fitch. 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 issuance was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933 and more than 55% of the investors were from outside the Middle East region. With an order book in excess of US$4 billion, it was more than eight times oversubscribed. The issuance was Qatar International Islamic Bank’s first sustainable sukuk issuance and the first sustainable sukuk issuance from a Qatari bank to be listed on the London Stock Exchange.
Debt Capital Markets partner Alex Roussos, based in Dentons’ Dubai office, commented: “We are delighted to have supported QIIB on its debut sustainable sukuk issuance. This builds on Qatar’s commitment to sustainability and underscores the banking industry’s efforts to reach out to the green investor community and attract funds that will support it in creating a more sustainable environment for our societies. We are proud to have participated in yet another sustainable finance initiative and also to have assisted the Bank in transitioning its sukuk programme to full AAOIFI compliance.”
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.
