Hogan Lovells advises ICD

Hogan Lovells has advised the Islamic Corporation for the Development of the Private Sector (ICD) as Lead Arranger on the issuance of three sovereign sukuk in West Africa.

These include sophomore issuances for the Government of Cote d’Ivoire and the Government of Senegal, and a debut issuance for the Republic of Togo.

The sukuk were listed on the Bourse Régionale des Valeurs Mobilières (BRVM) at a ceremony in Abidjan, Cote d’Ivoire on October 18, 2016 together with the debut issuances for Senegal and Cote d’Ivoire, resulting in a listing of a combined issuance of CFA766bn. Investors originated from a number of different countries across the Gulf and the Far East.

Hogan Lovells has worked extensively with ICD in Africa over the last few years, having advised on the initial sukuk issuances for Cote d’Ivoire and Senegal. The Hogan Lovells team was led by Islamic finance partner Imran Mufti, with support from Baptiste Gelpi (Partner, Paris).