Dentons has advised the Government of Sharjah, acting through Sharjah Finance Department, on the issuance of US$750 million Trust Certificates due 2024 which completed on 17 September 2014. The Certificates were listed on the Irish Stock Exchange and on the Nasdaq Dubai and represented the Government’s first ever Sukuk issuance.
HSBC Bank acted as Global Coordinator, and, together with Kuwait Finance House Investment Company, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered Bank, as Joint Bookrunner in relation to the issuance of the Certificates. Al Hilal Bank, Arab Banking Corporation and Dubai Islamic Bank acted as Co-Managers on the transaction.
Dentons capital markets partner, Alex Roussos, commented: “We are delighted to have advised the Government on this landmark transaction for the Emirate of Sharjah. We see this very successful transaction as a continuation of the recent trend of sovereign issuers in our region tapping both conventional and Islamic capital markets to support their current growth plans. The relatively straightforward structures used in these deals, the need for infrastructure development and the strong investor demand for sovereign debt are factors that will continue to fuel regional Governments’ appetite for accessing local and international capital markets”.
The Dentons team was led by Alex Roussos and senior associate Beene Ndulo.
Source: www.dentons.com
