White & Case Advised On US$500 Million Trust Certificate Issuance And Programme Updates For The Arab Energy Fund
White & Case advised on US$500 Million Trust Certificate Issuance and Programme Updates for The Arab Energy Fund
The global law firm White & Case LLP advised the arranger and dealers on the update of Arab Petroleum Investments Corporation’s (trading as The Arab Energy Fund) Global Medium Term Note Programme and Trust Certificate Issuance Programme, followed by the successful issuance of US$500 million Trust Certificates.
The updates to both programmes were undertaken to align with current regulatory and Sharia requirements and to support The Arab Energy Fund’s return to the sukuk market. Following the updates, the firm also advised on the issuance of AAOIFI-compliant Wakala-Murabaha ten-year Trust Certificates due 2036, which were well received by the market.
Citigroup Global Markets Limited acted as the arranger for both programmes. The dealer group included Citigroup, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank Plc, J.P. Morgan Securities plc, Mashreqbank psc, and Standard Chartered Bank. Additionally, Abu Dhabi Islamic Bank and Dubai Islamic Bank participated as dealers on the Trust Certificate Issuance Programme.
Both the Global Medium Term Note Programme and the Trust Certificate Issuance Programme received approval from the Central Bank of Ireland and were listed on Euronext Dublin. The Trust Certificate Issuance Programme was also approved by the Dubai Financial Services Authority and listed on Nasdaq Dubai.
White & Case further advised the managers on the subsequent issuance of US$500 million AAOIFI-compliant Wakala-Murabaha Trust Certificates. The managers for the issuance comprised Abu Dhabi Islamic Bank PJSC, Al Dawli Invest Investment Company KSCC, Citigroup, Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, KFH Capital Investment Company K.S.C.C., Mashreqbank, Nomura International plc, and Standard Chartered Bank.
The White & Case team advising on the transaction was led by Debashis Dey (Partner – Dubai & London), with support from Marcin Zawadzki (Local Partner – Dubai) and Associates Amir Mehdizadeh Iranpour and Patrick Chindo.
- Deal Value: US$500 Million
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