Citi Appointed as Delegate Trustee and Paying Agent for First Sukuk Cleared Through Nasdaq Dubai
Citi’s Global Transaction Services business has announced that Citi Issuer Services has been appointed as the issuing and paying agent for the first sukuk to be cleared through the central securities depositary (CSD) of NASDAQ Dubai, the international stock exchange serving the Middle East. The US$100m Sukuk, issued by the International Finance Corporation (IFC), listed on 4 November 2009.
NASDAQ Dubai now has 22 listed sukuk, with a nominal value of US$17.2bn. The sukuk issued by IFC, which is part of the World Bank Group, is the first one that uses the NASDAQ Dubai CSD to hold its securities. Citi will be providing the paying agency and delegate trustee roles on the sukuk for the life of the deal. Furthermore, the transaction required Citi to open and administer a ‘new issues account’ opened with the NASDAQ Dubai to create and deliver the securities into the primary market.