Akin Advises on First-Ever Sustainable Sukuk Issuance Out of Kuwait
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(Dubai) – Akin advised Warba Bank K.S.C.P., a leading Islamic financial institution listed on Boursa Kuwait, as obligor, on the establishment of a $2 billion Trust Certificate Programme of Warba Sukuk Limited and the landmark issuance of $500 million (5.351%) Sustainable Trust Certificates due 2029.
The issuance represents the first-ever sustainable issuance out of Kuwait, with the proceeds of the issuance to be used by Warba Bank, which has been operating in Kuwait since 2010, in accordance with its sustainable finance framework. The Sustainable Certificates were issued under a Sukuk Al-Wakala / Murabaha structure and dual-listed on the International Securities Market of the London Stock Exchange and Nasdaq Dubai.
The issuance received significant investor demand across a broad geographical reach, with an order book exceeding $1.8 billion. In addition to marking a leap forward in Warba Bank’s profile in the debt capital markets, this landmark transaction serves as an important step in the development of sustainable financing instruments in Kuwait.
The Akin team was led by capital markets partner Rizwan Kanji with assistance from counsel Nicola Minervini and associate Sahar Abas.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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