25 04 2016

The Islamic Corporation for the Development of the Private Sector's $300 million bond offering

Norton Rose Fulbright has advised The Islamic Corporation for the Development of the Private Sector in connection with its debut public issuance of US$300,000,000 trust certificates on the London Stock Exchange and on Nasdaq Dubai.


While backed by the credit of ICD as obligor, the certificates were issued by Hilal Services Ltd, a Cayman Islands incorporated SPV. The certificates will pay a profit rate of 2.468 per cent and will mature in 2021. This represents the first public issuance following the establishment of the Regulation S compliant Sukuk Issuance Programme in December 2015. Norton Rose Fulbright has advised The Islamic Corporation for the Development of the Private Sector on the deal with a team led by head of debt capital markets partner Gregory Man (picture), assisted by associate Diane d’Almeida and associate Tom Burke. Involved fees earner: Gregory Man - Norton Rose Fulbright; Diane d'Almeida - Norton Rose Fulbright; Tom Burke - Norton Rose Fulbright;

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