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ASAR acts as Kuwait law counsel to Dealers and JLMs on Warba Bank landmark Issuance of Sustainable Certificates

We are proud to announce our role as Kuwait law counsel to the Dealers and Joint Lead Managers in the successful update of a US$2 billion Trust Certificate Programme to include a Sustainable Sukuk Issuance Framework for Warba Sukuk Limited and the landmark issuance of US$500 million (5.351%) Sustainable Trust Certificates due 2029 under this program.

The Dealers and Joint Lead Managers comprised a distinguished group of financial institutions including, Emirates NBD Bank P.J.S.C., HSBC Bank plc, Standard Chartered Bank, Al Rayan Investment LLC, Arab Bank Corporation (B.S.C.), Boubyan Bank K.S.C.P., Dubai Islamic Bank PJSC, KFH Capital Investment Company K.S.C.C., Mashreqbank psc (acting through its Islamic Banking Division), The Islamic Corporation for the Development of the Private Sector, and Warba Bank K.S.C.P.

This issuance marks a historic achievement as the first-ever Sukuk Al-Wakala / Murabaha structured sustainable issuance out of Kuwait. The proceeds will be deployed by Warba Bank, established in 2010, in accordance with its sustainable finance framework. The Sustainable Certificates have been dual-listed on the London Stock Exchange’s International Securities Market and Nasdaq Dubai.

The issuance was met with exceptional investor demand, garnering an order book exceeding US$1.8 billion with broad global participation. This landmark transaction not only strengthens Warba Bank’s position in the debt capital markets but also represents a significant step forward in the growth of sustainable financing in Kuwait.

ASAR’s team advising the Joint Lead Managers was comprised of, Rob Little, John Cunha (Partner), Emile Helou (Of Counsel) and Mustafa Sayed (Associate).

Congratulations to all involved on the successful closing of this landmark Issuance!

#ASAR #GoFurther #KuwaitLaw #BahrainLaw #MENA #CapitalMarkets #WarbaBank

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