Norton Rose Fulbright advises Islamic Republic of Pakistan on $1bn Sukuk issue

Global Business October 14, 2016

Global law firm Norton Rose Fulbright has advised Islamic Republic of Pakistan on its $1bn Sukuk issuance, which closed on October 13. The transaction represents the fourth international capital markets issue on which the practice has advised Pakistan since 2014, following its US$2bn Eurobond in April 2014, its US$1bn Sukuk in December 2014, and its US$500m bond in October 2015.

The Sukuk are due in 2021 and were offered under Rule 144A and Regulation S of the US Securities Act of 1933 to investors in the United States and internationally. The Sukuk were admitted to listing on the Official List of the Luxembourg Stock Exchange and to trading on the Luxembourg Stock Exchange’s Euro MTF market.

Farmida Bi, partner, Norton Rose Fulbright, comments:

“Our market leading Islamic finance practice continues to go from strength to strength as we see Shariah-compliant Sukuk issuance appealing to a broad and diverse range of investors. The proceeds of sovereign Sukuk often provide significant help to governments seeking to build reserves and fund large infrastructure projects, among other things. It was a privilege to be appointed to represent the Islamic Republic again on this important transaction.”

Peter Young, partner, Norton Rose Fulbright, comments:

“We are delighted to have advised the Islamic Republic of Pakistan yet again in accessing the international capital markets. This transaction further contributes to our leading sovereign debt practice in which we regularly advise emerging market governments in accessing the global capital markets as a viable platform for longer term international investment.”

The Norton Rose Fulbright team was led by Farmida Bi and Peter Young in London, assisted by Andrew Coote and Mark Brighouse. David Gillespie in New York, assisted by Jennifer Morgan, advised the Government on US tax matters. Steven Howard in New York advised the Government on US Investment Company Act 1940 matters.

The joint lead managers were Citigroup, Deutsche Bank, Dubai Islamic Bank PJSC, Noor Bank and Standard Chartered Bank.

This transaction demonstrates the strength of Norton Rose Fulbright’s Islamic finance and debt capital markets capabilities and follows the firm’s work with The Kingdom of Bahrain on its US$1bn Eurobond and $1bn Sukuk issuances, which closed on  October 12, 2016.

It also follows a number of sovereign bond issuances Norton Rose Fulbright’s global capital markets practice has advised on, including the Republic of Angola’s US$1.5bn debut bond issue, the largest inaugural issuance by a non-investment grade sub-Saharan African sovereign to date, as well as the sovereign issuances by the Hong Kong Special Administrative Region, the world’s first US-denominated Sukuk originated by an AAA-rated government, Her Majesty in Right of Canada and the Republic of Indonesia.

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