Dentons Advised A Syndicate of Banks On The Islamic Development Bank’s €500 Million Green Sukuk Issuance Under Its Enhanced 2025 Sustainable Finance Framework
Dentons Advised a Syndicate of Banks on The Islamic Development Bank’s €500 Million Green Sukuk Issuance under its Enhanced 2025 Sustainable Finance Framework
The leading global law firm Dentons advised a syndicate of banks — Barclays, BNP Paribas, Commerzbank, Crédit Agricole CIB, HSBC Bank plc, ING, and Nomura — led by HSBC Bank plc, as joint lead managers on The Islamic Development Bank (“IsDB”) issuance of €500 million 2.793% green trust certificates due 2030, under its US$25 billion trust certificate issuance programme.
The transaction, completed on October 15, 2025, was made through a special purpose vehicle issuer incorporated in Luxembourg.
The five-year issuance, rated AAA/Aaa/AAA by S&P, Moody’s, and Fitch, received robust investor demand, with an orderbook exceeding €2.6 billion—five times oversubscribed—marking IsDB’s largest-ever euro orderbook. The trust certificates were listed on Euronext Dublin, NASDAQ Dubai, and the London Stock Exchange’s International Securities Market, and were offered to sophisticated investors outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933.
“We are proud to have acted for the joint lead managers supporting IsDB on this landmark euro green sukuk and to support transactions that combine Islamic finance with a strong sustainability focus,” said Matthew Sapte (Partner – Banking and Finance, Dentons).
An amount equivalent to the proceeds of the green sukuk issuance will be deployed to finance and/or refinance eligible projects that deliver environmental benefits under the ‘Green Project categories’ defined in the Sustainable Finance Framework.
“The transaction reflects the continued importance of sustainability within global debt capital markets and highlights IsDB’s leadership in driving impactful initiatives that contribute to positive environmental and social outcomes,” said, Victoria Wyer (Partner – Debt Capital Markets, Dentons).
Dentons also advised on the September 2025 update of IsDB’s US$25 billion trust certificate issuance programme.
The Dentons team was led by Matthew Sapte (Partner) and Victoria Wyer (Partner), with assistance from Marcus Ang (Senior Associate) and Naomi Scheyerle (Paralegal).
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