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White & Case Advises Managers on Kingdom of Saudi Arabia’s Inaugural Euro Issuance

Global law firm White & Case LLP has advised the managers on the issuance by the Kingdom of Saudi Arabia of €1 billion 0.750% notes due 2027 and €2 billion 2.000% notes due 2039 under its 144A/Reg S Global Medium Term Note (GMTN) Programme.

"This transaction marks another landmark for the Kingdom of Saudi Arabia in its first foray into the euro-denominated fixed income market," said White & Case partner Debashis Dey, who co-led the Firm's deal team. "It adds to our strong track record advising the Kingdom on strategically key deals in the international capital markets."

The issuance represents the Kingdom of Saudi Arabia’s first euro-denominated issuance and its second cross-border debt offering in 2019 to date. Goldman Sachs International and Société Générale acted as joint global coordinators and joint bookrunners, and BNP Paribas, Morgan Stanley & Co. International plc and Samba Capital & Investment Management Company acted as joint lead managers and joint bookrunners.

White & Case previously advised on the Kingdom of Saudi Arabia's October 2016 debut issue in the international capital markets of US$17.5 billion Notes 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 of Saudi Arabia’s May 2017 issuance under its 144A/Reg S Trust Certificate Issuance Programme of US$9 billion in Trust Certificates in equal tranches of US$4.5 billion due 2022 and 2027 respectively (the largest issue by a sovereign in Shari’a-compliant format), on its October 2018 update of the programme and issuance of US$2 billion Trust Certificates thereunder, and on the January 2019 issuance of US$4 billion Notes due 2029 and US$3.5 billion Notes due 2050 under the GMTN Programme.

White & Case, together with its association firm in Riyadh, The Law Firm of AlSalloum and AlToaimi, advised on the offering with a team led by partners Debashis Dey (Dubai & London) and Ian Clark (London), with support from association partner Zeyad Al-Salloum (Riyadh), counsel Xuan Jin (Dubai) and associates Michael Byrd (London) and Sarah Altukhaifi (Riyadh).

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