Norton Rose Fulbright advises ICD

Norton Rose Fulbright has advised The Islamic Corporation for the Development of the Private Sector (ICD) on the establishment of a dual London and Nasdaq Dubai listed Regulation S compliant Sukuk Issuance Programme (the Programme).
 
The Programme, while backed by the credit of ICD as obligor, was established with Hilal Services Ltd, a Cayman Islands incorporated SPV, as the issuer.
 
The establishment of the Programme is a milestone for ICD and the first public issuance under the Programme will represent ICD’s first public fund raising in the debt capital markets. It also follows the example of parent company The Islamic Development Bank’s USD10 billion Sukuk Issuance Programme, on which Norton Rose Fulbright also advised.
 
The arranger was HSBC and the dealers under the Programme are CIMB Bank, Dubai Islamic Bank, First Gulf Bank, HSBC, NCB Capital, Maybank Investment Bank, Société Générale, National Bank of Abu Dhabi and Standard Chartered Bank.
 
Gregory Man, head of debt capital markets, Middle East, commented: “We are pleased to have been involved in another landmark deal in the sukuk market and to further build on our strong relationship with ICD and the wider Islamic Development Bank group.”
 
The team was led by capital markets partner Gregory Man with assistance from senior associate Diane d’Almeida and associates Tom Burke and Jake Jackson.