Dentons Advised the Joint Lead Managers on Kuwait Finance House Sukuk Issuance

Dentons Advised the Joint Lead Managers on Kuwait Finance House Sukuk Issuance

Global law firm Dentons has advised the international and regional joint lead managers on the establishment of a US$4 billion trust certificate issuance programme by Kuwait Finance House (KFH) and the issuance by KFH of US$1 billion five-year senior unsecured trust certificates (sukuk) thereunder.

The sukuk issuance, completed on January 17, 2024, utilized a special purpose vehicle issuer incorporated in the Cayman Islands. It was listed on the International Securities Market in London, with several major international and regional banks serving as lead managers.

This marked KFH's first senior unsecured sukuk issuance, garnering substantial interest from global and regional institutional investors. Alex Roussos, Managing Partner of Dentons' Dubai office, expressed satisfaction in supporting the transaction, highlighting its significance in Kuwait's recent capital markets landscape. He noted, “A lot of work went into structuring the programme so that it is AAOIFI-compliant and reflects the latest thinking around relevant Shari'a principles, and all parties worked incredibly hard on the trade to ensure this would be a very successful deal. We look forward to many similarly successful transactions out of our region this year”.

The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior associates Brian O'Leary and Sana Siddiqui, and senior legal consultant Katie Phillips.