Ashurst advises Ittihad on debut issuance of sub-investment grade sukuk

Global law firm Ashurst has advised Ittihad International Investment LLC in relation to its debut sub-investment grade sukuk issuance.

The transaction involved a sharia compliant sukuk issuance by a first time corporate issuer of 9.75% 5 year / nc 2 Trust Certificates. This combined elements of high yield capital markets, UK DCM and Islamic finance, all for a first time issuer in a very challenging market.

The Ashurst team was led by partner Jacques McChesney. He was supported by Matthew Wood, Natasha Kavanagh, Conor Funston, Louise Young, Chutinan Chutimn, Bryony Singleton and Myles Sim.

Commenting on the mandate, Jacques McChesney said, "I'm really pleased that we were able to advise Ittihad on the closing of this deal. One of the first of its kind - it was a pleasure to work with the management team."

Matthew Wood added, "We very much value our long-standing relationship with Ittihad and it has been a privilege to be able to support them on this ground-breaking transaction. We continue to advise the group across a number of project finance, export finance, corporate and regulatory matters."

Ittihad International Investment LLC is a conglomerate that develops and manages a diversified, non-oil and gas investment portfolio in the Middle East and Egypt.