Dentons, one of the world's largest law firms, said it had advised Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, on its inaugural issuance of $150 million trust certificates (Sukuk) due 2020, which completed on 24 January 2017.

In addition to being AFC's maiden sukuk issuance, the transaction represented the first Islamic bond to be issued by an African supranational entity. The sukuk were offered to international investors outside of the US on a private placement basism, according to a statementfrom Dentons.

Emirates NBD Bank acted as sole global co-ordinator, together with Rand Merchant Bank (a division of FirstRand Bank Limited) and MUFG Securities EMEA as joint lead managers for the transaction.

Dentons capital markets partner, Alex Roussos, said: "We are delighted to have advised AFC on this landmark transaction. It's a very significant achievement for the corporation and all parties involved. The speed and efficiency with which the transaction was executed was one of the main reasons behind its success."

"The involvement of Dubai-based advisers and the use of this particular Murabaha structure is further testament to the growing importance of Dubai as an Islamic finance hub for Africa," he noted.

Senior counsel Raj Kulasingam expressed delight at having worked with the AFC team on the project.

"It's a great transaction that showcases the continuing appetite and interest in Africa from investors in the Middle East and the strength of the Dentons offering in the Middle East and Africa," remarked Kulasingam.

The Dentons team was led by partner Alex Roussos, assisted by senior associate Beene Ndulo and associate Sana Siddiqui in Dubai. Raj Kulasingam, in London, and Neil Cuthbert, in Dubai, participated as the key relationship partners at Dentons for the AFC.-TradeArabia News Service