Clifford Chance, a leading global law firm, has advised on the issuance of $100 million floating rate, amortising trust certificates due 2020 issued by International Finance Corporation (IFC).

The Issuance was completed on September 15 and the trust certificates were admitted to trading on Nasdaq Dubai, a statement said.

IFC is a member of the World Bank Group and is a supranational organisation providing financing and financial services primarily to the private sector in developing countries that are members of IFC. The Issuance marks the second sukuk issuance by IFC since its establishment in 1956 – IFC previously accessed the sukuk market in 2009 ($100 million five-year sukuk). Proceeds from the Issuance will be used to support IFC's developmental financing activities.

Stuart Ure, partner at Clifford Chance, said: "We are delighted to have been involved in this transaction, which was completed in the midst of challenging market conditions and we are very pleased to have been asked to support IFC in accessing the Islamic debt capital markets for the second time. The transaction again highlights the capabilities and strength of our Capital Markets practice in the region."

Clifford Chance through its UAE offices, advised the joint lead managers on the Issuance. The team was led by Stuart Ure (Partner), who was assisted by Shauaib Mirza (senior associate) and Alekhya Prakash (associate). Qudeer Latif (partner and global head of Islamic Finance) provided Islamic structuring advice.

Standard Chartered acted as global coordinator in connection with the Issuance while Dubai Islamic Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered acted as Joint Lead Managers. – TradeArabia News Service