Dentons advises a syndicate of banks on The Islamic Development Bank’s issuance of US$1.5 billion sukuk

London/Dubai-Dentons, the world's largest global law firm, has advised a syndicate of banks (Bank of China, Barclays Bank PLC, BMO Capital Markets, China International Capital Corporation, Goldman Sachs International, HSBC, ICBC, KFH Capital, NATIXIS and Société Générale), as joint lead managers on The Islamic Development Bank's (IsDB) issuance of US$1.5 billion fixed rate trust certificates due 2031 under its US$25 billion trust certificate issuance programme. The transaction was successfully completed on 10 September 2026.

The five-year issuance, rated Aaa/AAA/AAA by Moody's, S&P and Fitch, attracted strong investor demand, with the orderbook exceeding US$2.75 billion - surpassing IsDB's previous record orderbook of US$2.65 billion achieved in May 2026. Final allocations were well diversified across the Middle East and Africa (39%), UK and Europe (36%), Asia (13%) and Offshore US (12%), reflecting IsDB's deep international investor base and continued access to the international sukuk market.

The trust certificates were listed on the International Securities Market of the London Stock Exchange, Euronext Dublin and NASDAQ Dubai. IsDB will deploy the proceeds towards project financing across its eligible Member Countries in line with its Strategic Framework, supporting sustainable socio-economic growth.

The transaction demonstrates IsDB's credit strength and established investor relationships, enabling it to achieve its funding objectives against a backdrop of continued geopolitical volatility.

Dentons also acted on IsDB's US$1 billion sukuk issuance in May 2026, its €500 million green sukuk issuance in October 2025 and the September 2025 update of IsDB's US$25 billion trust certificate issuance programme.

The Dentons team was led by partners Victoria Wyer, Peter Cullen and Matthew Sapte with assistance from associate Kellie Diggin.

The transaction reflects Dentons' continued investment in its Middle East debt capital markets and structured finance capabilities, including the recent expansion of its Dubai-based practice with partners Victoria Wyer and Peter Cullen, further strengthening the firm's regional offering across conventional and Islamic finance.

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