Dentons, a leading global law firm, said it had advised Islamic Development Bank (IsDB) on the issuance of €650 million ($740 million) trust certificates due for 2023 under its $25-million Trust Certificate Issuance Programme, which was previously updated by IsDB and IDB Trust Services Limited on June 7.

Crédit Agricole Corporate and Investment Bank, Natixis, Landesbank Baden-Württemberg and Standard Chartered Bank acted as joint lead managers on the issuance, the IsDB's first public euro-denominated trade.

The firm has regularly advised IsDB on the issuance of debt securities denominated in US dollars in the past, and this transaction represents IsDB's first public Euro-denominated trade under their sukuk programme, said a statement from Dentons.

The transaction was successfully completed on November 7 by the Dentons team led by Debt Capital Markets partner Alex Roussos, with assistance from senior associate Katie Phillips and legal assistant Arjun Bhalla.

The issuance was listed on the London Stock Exchange and was offered to sophisticated investors outside of the US in reliance on Regulation S under the US Securities Act 1933, it added.

On the successful transaction, Roussos said: "We are delighted to have had the opportunity to support IsDB on their first public Euro-denominated trade."

"The transaction is testament to IsDB's continued efforts to diversify its funding sources and investor base, and the great support it has received in these efforts from market participants. We expect to continue to see the IsDB push the boundaries of Islamic capital markets in the future," he added.-TradeArabia News Service