Hogan Lovells advises on the first sukuk to be listed on ISE’s Global Exchange Market

Hogan Lovells has advised Aktif Bank on the first sukuk ever to be listed on the Global Exchange Market of the Irish Stock Exchange (“ISE”).

The USD118million sukuk was issued under a mudarabah structure with GAP İnşaatYatırımveDışTicaret A.Ş., a Turkish construction company, acting as mudarib.

While the Irish Stock Exchange has listed sukuk historically, this is the first sukuk to be listed on the ISE’s Global Exchange Market (GEM). GEM is one of the fastest growing debt listing markets in Europe, with over 1,000 issuers and more than 11,000 debt securities from 50 countries.

The Hogan Lovells team was led by Imran Mufti (partner, Dubai), with support from Annalisa Feliciani (counsel, Rome), Ahmet Kalafat (senior associate, Dubai) and trainees MarjunParcasio and Luigi de Angelis.

Hogan Lovells also represented Bank of New York Mellon as delegate trustee and paying agent with Kit Johnson (partner, London), Megan James (associate, London) and trainee Chris Montague-Jones advising.