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Walkers advise Mashreqbank on its landmark US$500m sukuk issuance

Apr 23, 2025

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Mashreqbank psc, one of the oldest banking institutions in the United Arab Emirates and the Middle East ("Mashreqbank") issued its inaugural US$500m five-year Sukuk under the US$2.5bn issuance programme established by Mashreq Al Islami Sukuk Company Ltd., a Cayman Islands incorporated company. The Sukuk was listed on the regulated market of Euronext Dublin, with Walkers Listing Services Limited acting as listing agent.

This marked the first issuance from the CEEMEA region following US President Donald Trump's tariff announcement on 2 April 2025. Mashreqbank (A3/A/A) was well-suited to reopen the market, thanks to its strong ratings and reputed standing in the UAE financial sector. The issuance achieved the largest orderbook in Mashreqbank’s history, with demand reaching US$2.90 billion despite heightened market volatility.

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Rajhi Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Mashreq, Sharjah Islamic Bank, Standard Chartered and The Islamic Corporation for the Development of the Private Sector were the lead managers and bookrunners. 

The Walkers Dubai team, led by Ciaran Bohnacker (Partner) and Szymon Durlo (Senior Associate), acted as Cayman Islands legal counsel to Mashreqbank and Mashreq Al Islami Sukuk Company Ltd. in the issuance. 

Commenting on the successful issuance, Ciaran Bohnacker, Partner at Walkers, said: "We are delighted to have played a key role in this landmark Sukuk issuance by Mashreqbank. It allowed us the opportunity to showcase our team's expertise in Cayman Islands law and our commitment to providing exceptional legal and administrative support. We look forward to continuing our strong partnership with Mashreqbank and supporting their future endeavors."

 

Media Contact

Shana Ray

Head of Business Development - Asia and Middle East

T/+852 2596 3302
M/+852 9030 6084
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Ciaran Bohnacker
Ciaran Bohnacker

Ciaran Bohnacker

Partner

Dubai

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+971 4 363 7901

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+971 56 644 2032

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Szymon Durlo
Szymon Durlo

Szymon Durlo

Senior Associate

Dubai

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+971 4 363 7908

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+971 50 125 6115

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Ken Foley
Ken Foley

Ken Foley

Senior Listing Executive

Ireland

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+353 1 470 6672

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+353 87 224 3430

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Therese Redmond
Therese Redmond

Therese Redmond

Head of Listing Services

Ireland

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+353 1 470 6645

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+353 87 737 5530

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