Global law firm Norton Rose Fulbright has advised the Kingdom of Bahrain on its $1 billion eurobond and $1 billion sukuk issuances, each of which closed on October 12, 2016.
The 12 year eurobonds and the 8 year sukuk were offered under Rule 144A and Regulation S of the U.S. Securities Act of 1933 to investors in the United States and internationally. The eurobonds and the sukuk were each admitted to listing on the Official List of the Irish Stock Exchange and to trading on the Irish Stock Exchange plc’s regulated market.
The joint lead managers on both the eurobond and sukuk were Bank ABC, BNP Paribas, Credit Suisse, J.P. Morgan and Standard Chartered Bank.
Peter Young, partner, Norton Rose Fulbright, comments:
“We are delighted to have advised the Kingdom of Bahrain on these two significant capital markets transactions, which have been enthusiastically received by the international investment community, demonstrating Bahrain’s ability to attract finance from a diverse range of investors using a mix of conventional and Shariah-compliant capital markets instruments.”
Gregory Man, partner, Norton Rose Fulbright, comments:
“These were landmark transactions for the Kingdom of Bahrain and it was an immense privilege to be appointed to represent the Government and the Central Bank of Bahrain on each of them. Being able to utilise experience from our leading global debt capital markets and Islamic finance practices was key to being able to effectively advise on these issuances.”
The Norton Rose Fulbright debt capital markets team was led by Peter Young in London and Gregory Man in Dubai, assisted by associates Tom Burke and Tudor Plapcianu. David Gillespie in New York, assisted by Jennifer Morgan, advised the Government on U.S. tax matters. Steven Howard in New York advised on U.S. Investment Company Act 1940 matters.
This transaction demonstrates the strength of Norton Rose Fulbright’s Islamic finance and debt capital markets capabilities. It is one of a number of sovereign bond and sukuk issuances that Norton Rose Fulbright’s global capital markets practice has advised on, including the Republic of Angola’s US$1.5 billion debut bond issue, the largest inaugural issuance by a non-investment grade sub-Saharan African sovereign to date.
The firm also advised the Hong Kong Special Administrative Region on its US$1bn sukuk, which marked the world’s first US$ denominated sukuk originated by an AAA-rated government, in addition to sovereign issuances by Her Majesty in Right of Canada, the Republic of Indonesia and the Islamic Republic of Pakistan.
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