Dubai—Dentons has advised longstanding client Commercial Bank of Dubai (CBD) on its issue of US$600 million perpetual Additional Tier 1 capital securities, which completed on 21 October 2020. This was the latest on a long list of Basel III-compliant Additional Tier 1 instruments the Dentons team has worked on across the Gulf Cooperation Council (GCC).
Dentons also regularly advises CBD on its annual Euro Medium Term Note programme update and the issuance of notes under the programme.
Standard Chartered Bank and Citi acted as joint structuring agents and joint global co-ordinators on the transaction. The joint lead managers in respect of the issuance were Barclays, Citi, Emirates NBD, First Abu Dhabi Bank, Nomura and Standard Chartered Bank. The capital securities are listed on Euronext Dublin, and the proceeds will be used for general corporate purposes and to further strengthen CBD’s capital base.
Dentons Capital Markets partner David Cohen, based in Dentons' London office, commented, "This was a highly prestigious and important transaction for the bank, and we were delighted to work on the deal. It's another great example of our ability to field multi-jurisdictional teams to deliver on high-profile securities issues."
Dentons Debt Capital Markets partner Alex Roussos, based in Dentons' Dubai office, added, "We are grateful for the opportunity to support CBD on its inaugural Additional Tier 1 (AT1) bond. This was a milestone transaction for the bank and a significant transaction for our markets, as banks in the UAE continue to successfully raise good quality capital from local and international investors. Our firm continues to be intricately involved in Basel III developments in the region, having worked on a large number of AT1 bonds and Sukuk and Tier 2 instruments across the GCC in recent years."
The Dentons team in London was led by David Cohen, with assistance from associates A.Moeen Qayum, Niharika Khimji and trainee Kristine Jensen.
The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior legal consultant Katie Phillips, associate Sana Siddiqui and legal assistance Maryam Abbas.
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