Warba Bank advised by Dentons on Tier 1 Sukuk issuance

Dentons has advised Kuwait’s Warba Bank on its issuance of USD250 million Perpetual Tier 1 Capital Certificates, which completed on March 14, 2017.  The transaction represents the bank’s inaugural sukuk issuance in the debt capital markets (including its first regulatory capital instrument).

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 acted as sole global co-ordinator, together with Bank ABC, Emirates NBD Capital, KAMCO Investment Company K.S.C., KFH Capital and Noor Bank PJSC as joint lead managers on the issuance of the Capital Certificates.

The Dentons team was led by partner Alex Roussos, with assistance from associate Sana Siddiqui.