We are delighted to announce Meysan’s role as Kuwait law counsel to Warba Bank K.S.C.P., as obligor, in updating the $2 billion Trust Certificate Programme of Warba Sukuk Limited to incorporate a Sustainable Sukuk Issuance Framework and its first issuance of Sustainable Trust Certificates of $500 million (5.351%). This groundbreaking issuance marks the first-ever sustainable issuance out of Kuwait since the introduction of the rules regulating the issuance of sustainable bonds and sukuk under the Kuwait Capital Market Law in 2022.
The issuance attracted high demand from global investors with total orders reaching $1.8 billion exceeding the issue size with oversubscription of 3.6% times. The five-year Sustainable Certificates have a Sukuk Al-Wakala/Murabaha structure, and their proceeds will be used by Warba Bank to finance sustainable projects in accordance with its Sustainability Finance Framework, which includes initiatives focused on renewable energy, sustainable water management, and community development projects that meet standards supporting environmental, social and institutional governance. The Sustainable Certificates have been listed on London stock Exchange International Securities Market and Nasdaq Dubai.
Emirates NBD capital, HSBC and Standard Chartered acted as the Joint Global Coordinators as well as Joint Lead Managers along with Al Rayn Investment LLC, Mashreqbank psc (acting through its Islamic Banking Division), The Islamic Corporation for the Development of the Private Sector, Dubai Islamic Bank PJSC, Boubyan Bank K.S.C.P, Arab Banking Corporation (B.S.C.), and Warba Bank K.S.C.P.
Meysan is proud to have contributed to this significant milestone in advancing sustainable financing in Kuwait and to have played a key role throughout the process until successful closing of the transaction. Meysan’s role encompassed advising Warba Bank on required corporate approvals and regulatory requirements, as well as filing and securing approvals from the Central Bank of Kuwait (CBK) and the CMA with respect to the Programme update and the Green Sukuk issuance. Meysan’s role also covered review of the transaction documentation relating to the Programme update and the relevant issuance.
Meysan’s team was led by Partner Tarek Yehya, joined by Senior Associate Samar Jrade and Associate Nour Mashmoushi.
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