Norton Rose Fulbright advises on pioneering regulatory capital bond issuance

Press release - Business March 2019

Global law firm Norton Rose Fulbright has advised on the first ever conventional Basel III-compliant additional tier 1 (AT1) transaction in the UAE. The transaction involved the issuance by Emirates NBD Bank PJSC of US$1 billion perpetual AT1 capital securities.

The capital securities represent deeply subordinated obligations of the bank and have loss absorbency features which will allow them to represent additional tier 1 capital for the bank.

Norton Rose Fulbright represented HSBC Bank plc and Standard Chartered Bank as structuring agents, and BNP Paribas, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, Nomura International plc and Standard Chartered Bank as joint lead managers.

The Norton Rose Fulbright team was led by head of debt capital markets for the Middle East, Gregory Man, with assistance from senior associate, Ganna Vlasenko.

Gregory Man commented:

“Following our work for Albaraka Türk last year on the first Basel III-compliant AT1 issuance from Turkey, we are proud to help bring this similarly pioneering transaction to the UAE. The deal represents another example of the groundbreaking work which our award-winning team has been doing in the global debt capital market space over the last few years.”

Norton Rose Fulbright was recently named Capital Markets Law Firm of the Year at the Islamic Finance News Awards.

For further information please contact:

Gemma Perks, Senior PR Manager
Tel +44 20 7444 3104; Mob +44 7711 191230
gemma.perks@nortonrosefulbright.com

Notes for editors:

Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.

Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.

Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg.

For more information about Norton Rose Fulbright, see nortonrosefulbright.com/legal-notices