backRIYADH, Saudi Arabia, March 10, 2016 — King & Spalding has advised the Islamic Development Bank (IsDB) on the issuance of Euro 300 million trust certificates due 2023, priced at 0.255 percent, and US$1.5 billion trust certificates due 2021, priced at 1.775 percent. The trust certificates were triple-listed on the London Stock Exchange, Nasdaq-Dubai and Bursa Malaysia and were rated AAA by S&P and Fitch and Aaa by Moody’s.
The IsDB is a multilateral development financing institution that provides technical assistance and funding to the Islamic world and was founded by the Finance Ministers of the Organization of the Islamic Conference in 1973. The IsDB finances private and public projects, frequently via Sukuk programmes, among its 56 member countries, including investment in economic and social infrastructure projects, the provision of technical assistance and promotion of foreign trade, especially capital goods.
King & Spalding partner Rizwan H Kanji advised the IsDB on the transaction, with assistance from senior associate Hamed Afzal.
King & Spalding is a leader in Islamic finance and investment. Our award-winning group has been successful in developing the legal architecture needed by our clients to break new ground in this specialized field. Islamic Finance News named King & Spalding as the year’s top law firm in the categories of asset management and project finance in the publication’s 2015 Law Awards.
About King & Spalding
Celebrating more than 130 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 900 lawyers in 18 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.