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Clifford Chance says it advised on the UAE’s first two retail treasury sukuk issuances
Clifford Chance said it advised the UAE Ministry of Finance on expanding its dirham-denominated Treasury Sukuk Programme to retail investors and completing the first two issuances. The firm said the offerings use an IPO-style subscription model through Dubai Financial Market channels and approved receiving banks.
Key points
- The firm said June subscriptions reached AED 445 million against an original AED 50 million target.Clifford Chance
- Clifford Chance said the inaugural issuance was increased to AED 100 million.Clifford Chance
- The firm said September subscriptions exceeded AED 285 million for an AED 50 million issuance.Clifford Chance
- Clifford Chance said Stuart Ure led its Ministry of Finance team, while Bruce Kahl advised delegate i2 Capital.Clifford Chance