London/Dubai—Dentons, the world’s largest global law firm, has advised a syndicate of banks (Barclays, BNP PARIBAS, Commerzbank, Crédit Agricole CIB, HSBC Bank plc, ING and Nomura), led by HSBC Bank plc, as joint lead managers on The Islamic Development Bank’s (IsDB) issuance of €500 million 2.793% green trust certificates due 2030 under its US$25 billion trust certificate issuance programme. The transaction was successfully completed on 15 October 2025 and the issuance was made through a special purpose vehicle issuer incorporated in Luxembourg.
Matthew Sapte, Banking and Finance partner at Dentons, commented: “We are proud to have acted for the joint lead managers supporting IsDB on this landmark euro green sukuk and to support transactions that combine Islamic finance with a strong sustainability focus.”
The five-year issuance, rated AAA/Aaa/AAA by S&P, Moody’s and Fitch, attracted strong investor demand with an orderbook exceeding €2.6 billion – five times oversubscribed – making it IsDB’s largest-ever euro orderbook. The trust certificates were listed on Euronext Dublin, NASDAQ Dubai and the London Stock Exchange’s International Securities Market, and were offered to sophisticated investors outside the US in reliance on Regulation S under the US Securities Act 1933.
An amount equivalent to the proceeds of the green sukuk issuance will be deployed to finance and/or refinance (in whole or in part) eligible projects with environmental benefits under the “Green Project categories” as defined in the Sustainable Finance Framework.
Victoria Wyer, Debt Capital Markets partner at Dentons, added: “The transaction reflects the continued importance of sustainability within global debt capital markets and highlights IsDB’s leadership in driving impactful initiatives that contribute to positive environmental and social outcomes.”
Dentons also acted on the September 2025 update of IsDB’s US$25 billion trust certificate issuance programme.
The Dentons team was led by partners Matthew Sapte and Victoria Wyer, with assistance from senior associate Marcus Ang and paralegal Naomi Scheyerle.
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