Sana Siddiqui

Sana Siddiqui focuses her practice on debt capital markets transactions. She has more than 9 years of experience advising on a range of conventional and Islamic capital markets transactions, including programmes, regulatory capital (Basel III), high yield, ESG and liability management transactions in the Middle East and Europe. She represents financial institutions, large corporates and government-related entities. Sana handles various debt capital markets transactions under both Regulation S and Rule 144A formats, working closely with issuers, banks and Shari’ah scholars to advance sukuk structures and refine Islamic financing techniques.

Concentrations

• Debt Capital Markets

• Islamic Finance

• Green / Social / Sustainable Bonds and Sukuk

Experience

Representative Matters

• Representing Arada Developments LLC on a series of transactions including in respect of their standalone sukuk due 2027 and programme drawdown sukuk due 2029; the update of their US$ 1 billion sukuk programme; the US$ 100 million tender offer in respect of their standalone sukuk due 2027; and the US$ 450 million drawdown issuance under their sukuk programme.

• Representing a number of international and local banks (including HSBC, FAB, ADIB, DIB and ENBD) in respect of Binghatti Holding Limited’s establishment of their US$ 1.5 billion sukuk programme and US$ 500 million drawdown issuance under the newly established programme.

• Advised Islamic Development Bank (IsDB) on the issuance of US$2.5 billion trust certificates under its US$25 billion trust certificate issuance programme, which marked the largest sustainable sukuk issuance globally, the IsDB's largest issuance to date and also its second sustainable sukuk issuance.°

• Advised the IsDB in relation to its first sustainable sukuk issuance of US$1.5 billion, which was the first issuance globally in the format of a sukuk aimed at raising proceeds to tackle the effects of the Covid-19 pandemic, and a green sukuk issuance of €1 billion, which was the first green sukuk in the world to be issued by a AAA-rated institution and also the first EUR-denominated green sukuk globally.°

• Advised Citi, HSBC, and Standard Chartered Bank acting as global co-ordinators and ADCB, Citi, Emirates NBD Capital, FAB, HSBC, and Standard Chartered Bank acting as joint lead managers on the successful issuance of US$500 million Reset Subordinated Perpetual Notes by MAF Global Securities Limited, an spv issuer incorporated in the Cayman Islands. The issuance was irrevocably guaranteed, on a joint and several basis, by Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC.°

• Advised Warba Bank on its tender offer in respect of its outstanding US$250 million Tier 1 Capital Certificates and a new debt issuance of US$250 million Tier 1 Capital Certificates. The amount of existing Tier 1 Capital Certificates tendered and redeemed was US$101,947,000.°

• Advised Kuwait’s Ahli United Bank K.S.C.P. (AUBK) on the successful issuance of US$600 million Tier 1 capital certificates, which attracted subscription orders exceeding US$1.8 billion.°

°The above representations were handled by Ms. Siddiqui prior to her joining Greenberg Traurig Limited.

In-House Experience