Norton Rose Fulbright advises on bond issuance under Majid Al Futtaim’s US$3 billion Global Note Programme

Global Business August 5, 2016

Global law firm Norton Rose Fulbright has advised the joint lead arrangers on Majid Al Futtaim’s US$300 million bond issuance to be consolidated and form a single series with its US$500 million issuance of May 7, 2014.

The joint lead arrangers included (amongst others) Barclays Bank PLC, Citigroup Global Markets Limited, Emirates NBD PJSC and Standard Chartered Bank.

The US$300 million issuance of 4.75 per cent notes are due in 2024 and were issued under Majid Al Futtaim’s US$3 billion Global Medium Term Note Programme. The issuance follows the recent update of the Global Medium Term Note Programme and US$1.5 billion Trust Certificate Issuance Programme on which the firm also advised the dealer groups.

The dealer groups consisted of (amongst others) Barclays Bank PLC, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, Emirates NBD PJSC, J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, National Bank of Abu Dhabi PJSC, Standard Chartered Bank and UBS Limited, and Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank PJSC and Standard Chartered Bank, respectively.

Gregory Man, partner, Middle East, commented:

“We are delighted to have advised the dealer panels, comprising many of the region and the world’s most prominent banks in connection with the update of the GMTN and Sukuk programmes and to have advised on the subsequent tap issuance under the GMTN programme.”

“This latest development signals a continuation of the growth of Majid Al Futtaim and its presence in the debt capital markets both in the Middle East and internationally. It also highlights the continued appetite of investors in accessing the debt capital markets.”

The team was led by capital markets partner Gregory Man with assistance from associate Tom Burke.

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