Global law firm Clifford Chance has advised the joint lead managers on two issuances by the Islamic Corporation for the Development of the Private Sector ("ICD") under its Trust Certificate Issuance Programme.

The first issuance, comprising US$100 million trust certificates due 2028 completed on 21 December 2023 and is admitted to trading on the regulated market of Euronext Dublin. The second issuance, comprising US$500 million trust certificates due 2029 completed on 14 February 2024 and is admitted to trading on the regulated market of Euronext Dublin as well as on Nasdaq Dubai. Both series of trust certificates were issued in accordance with Regulation S of the U.S. Securities Act of 1933, as amended.

The issuances mark the ICD's return to the capital markets since their last issuance in October 2020.

The ICD is a multilateral organisation and a member of the Islamic Development Bank (IsDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shariah. The ICD also provides advice to governments and private organisations to encourage the establishment, expansion, and modernisation of private enterprises. For more information, visit www.icd-ps.org.

Clifford Chance's team comprised partner and Head of Middle East Capital Markets, Stuart Ure (Dubai), Alekhya Prakash (Counsel, Dubai) and Nabeela Afifi (Trainee Solicitor, Dubai).

Consistently ranked Band 1 in legal directories, Clifford Chance was awarded 15 awards at the Bonds, Loans & Sukuk Awards 2023 and 8 awards at the IFLR Middle East Awards 2023. Clifford Chance was named Islamic Finance News (IFN) Law Firm of The Year and IFN Banking & Finance Law Firm of The Year at the IFN Deal of the Year Awards 2023, International Law Firm of the Year at the IFLR Middle East Awards 2023, International Law Firm of the Year (Middle East) at the Middle East Legal Awards 2023, Middle East International Law Firm of the Year at the Chambers Middle East Awards 2023 and The Legal Middle East and Banking and Finance Law Firm of the Year at the North Africa Awards 2024. 

For further information about Clifford Chance see www.cliffordchance.com

For further information about this press release, please contact:
Suparna Mukherjee (Acting Co-Head of Business Development and Marketing, Middle East) on suparna.mukherjee@cliffordchance.com

About Clifford Chance

  • Clifford Chance is one of the world's largest law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team-based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
  • Clifford Chance received more 'Band 1' rankings than any other firm in Chambers Global, Legal 500 and IFLR1000.  These independent analyses focus on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
    • Named International Law Firm of the Year at the IFLR Middle East Awards 2023
    • Named Middle East International Law Firm of the Year at the Chambers Middle East Awards 2023.