CC, Dentons lead on landmark $2.5bn Islamic bond creation
Clifford Chance (CC) and Denton Wilde Sapte have advised on a landmark $2.5bn (£1.3bn) financing for Abu Dhabi-listed Aldar Properties, which sees the creation of the first Islamic convertible bond. CC advised new client, Abu Dhabi real estate development company Aldar Properties on the issue of convertible 'sukuk certificates', fielding a team under Dubai-based capital markets partner Debashis Dey. Capital markets partner Tim Morris led the London team structuring the convertible element of the issue.
March 21, 2007 at 09:25 PM
2 minute read
Clifford Chance (CC) and Denton Wilde Sapte have advised on a landmark $2.5bn (£1.3bn) financing for Abu Dhabi-listed Aldar Properties, which sees the creation of the first Islamic convertible bond.
CC advised new client, Abu Dhabi real estate development company Aldar Properties on the issue of convertible 'sukuk certificates', fielding a team under Dubai-based capital markets partner Debashis Dey. Capital markets partner Tim Morris led the London team structuring the convertible element of the issue.
Dentons advised joint lead arrangers Barclays Capital, Credit Suisse and National Bank of Abu Dhabi, fielding a team under lead finance partner Matthew Sapte, assisted by banking and finance partner Chris Borg on regulatory issues. Islamic finance partner Rahail Ali, who has now left the firm to join Lovells, led the team in Dubai.
Dentons London structured finance partner David Cohen also advised Deutsche Bank as transaction administrator.
The certificates were issued by Jersey-listed special purpose vehicle Aldar Funding, which will invest the money in Sharia-compliant assets. The notes, which mature in 2011, can be converted into ordinary shares in the publicly listed company or the cash equivalent.
Simmons & Simmons Abu Dhabi managing partner Ibrahim Mubaydeen advised the special purpose vehicle, while Bedell Cristin advised on Jersey law issues.
The deal is noteworthy because previously convertible sukuk certificates have only been issued in companies at the pre-flotation stage. It is also the first sukuk issue to be listed on the London Professional Securities Market.
CC was instructed in October after a competitive pitch by Aldar, which has around 30 million square metres of land under development.
Dey commented: "The opportunity to work with such a significant company was tremendous since the company will be at the forefront of property development in Abu Dhabi. The fact that this offering is structured to be Sharia-compliant and yet appealed to European investors – some 70%-80% being placed there – indicates how Islamic finance is penetrating the European markets."
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