April 29, 2015
Latham & Watkins has advised the Managers and the Delegate in connection with Noor Bank PJSC’s inaugural Sukuk issuance, consisting of the establishment of a US$3 billion Trust Certificate Issuance Programme and the issuance of US$500 million Trust Certificates due 2020 thereunder. The Certificates have been admitted to trading on NASDAQ Dubai.
Al Hilal Bank PJSC, Barwa Bank Q.S.C., Citigroup Global Markets Limited, Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, QInvest LLC, Sharjah Islamic Bank PJSC and Standard Chartered Bank acted as the Joint Lead Managers and Abu Dhabi Islamic Bank PJSC, Ajman Bank PJSC and Arab Banking Corporation (B.S.C.) acted as Co-Managers on the issuance. BNY Mellon Corporate Trustee Services Limited has been appointed as the Delegate under the Certificates. Standard Chartered Bank acted as Global Co-ordinator and Citigroup, Noor Bank and Standard Chartered Bank acted as Arrangers on the establishment of the Programme.
Corporate partner Nomaan Raja commented: "We are delighted to work with Noor Bank PJSC on both its successful inaugural issuance and the establishment of its funding platform going forward. This latest issuance is further evidence of the growing strength and depth of the Sukuk market."
The Latham & Watkins corporate team was led by Dubai partner Nomaan Raja and London partner Lene Malthasen, with associates Lee Irvine and Basil Al-Jafari.