White & Case Advises Banks on Annual Updates of Kingdom of Saudi Arabia's 144A/Reg S GMTN and Sukuk Programmes and on Sukuk Issuance

Press Release
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Global law firm White & Case LLP has advised a group of banks on the updates of the Kingdom of Saudi Arabia's 144A/Reg S Global Medium Term Note Programme and Trust Certificate Issuance Programme, and on the issuance of US$2 billion Trust Certificates due 2029 under the latter.

The transactions represent the first Sukuk issued in the international capital markets by the Kingdom of Saudi Arabia this year. Citigroup, HSBC and JP Morgan acted as joint global coordinators, joint lead managers and joint bookrunners, and BNP Paribas, Mizuho International and Samba Capital acted as joint lead managers and joint bookrunners.

"Advising on this important regional sovereign programme demonstrates the strength of our practice and presence in the Middle East, and our ability to support Islamic finance transactions," said White & Case partner Debashis Dey, who co-led the Firm's deal team. "The use of the hybrid innovative structure by the Kingdom of Saudi Arabia continues to be unique amongst sovereign sukuk issuers."

White & Case has previously advised on the Kingdom of Saudi Arabia's October 2016 debut issue in the international capital markets of US$17.5 billion bonds in five, ten and 30-year tranches under its GMTN programme, which was the largest issuance of bonds by an emerging markets sovereign issuer in history. The Firm also advised on the kingdom's issue in May 2017 of US$9 billion Sukuk in equal tranches of US$4.5 billion due 2022 and 2027 respectively, the largest issue by a sovereign in the Islamic format.

White & Case, together with its associated firm in Riyadh, The Law Firm of AlSalloum and AlToaimi, advised on the Sukuk offering with a team led by partners Ian Clark (London) and Debashis Dey (Dubai & London), with support from association partner Zeyad Al-Salloum (Riyadh) and associates Sankalp Labroo (Dubai), Michael Byrd and Adrien Dumoulin-Smith (both London).

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