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White & Case Advises Saudi Aramco on US$6 Billion Triple Tranche Sukuk Offering

Global law firm White & Case LLP has advised Saudi Arabian Oil Company (Saudi Aramco) on the launch of its triple tranche sukuk offering, which has attracted more than US$60 billion in orders, including US$2.2 billion in joint lead manager interest.

"White & Case has advised Saudi Aramco on this strategically important diversification of funding," said White & Case partner Debashis Dey, who led the deal team. "The scale, speed and complexity of this transaction reinforces our strength and depth of experience in cross-border Islamic capital markets offerings."

Saudi Aramco successfully raised US$6 billion following the sale of US dollar-denominated Shariah-compliant International Trust Certificates to many of the world's leading institutional investors. The demand has created the largest order book ever recorded for Islamic certificate issuance, with orders exceeding US$60 billion.

The US dollar benchmark offering with tenors of three, five and ten years will price within a 5bps range of 70bps, 90bps and 125bps spreads over US Treasuries, respectively. According to Saudi Aramco, the issuance attracted new segments of international investors to the Sukuk market, including East Asian institutional investors. The transaction settled and closed on June 17, 2021 and the trust certificates will be admitted shortly thereafter to the official list of the Financial Conduct Authority and trade on the London Stock Exchange's main market.

The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London) and included partners Gary Kashar (New York), Clark Wohlferd (New York), Sami Al-Louzi (Dubai), Megren Al-Shaalan (Riyadh) and Ivan Paskal (Dubai), counsel Xuan Jin (Dubai) and associates Ibrahim Soumrany (London), Eren Ayanlar, Ola Sanni (both Dubai), Waad Alkurini and Nawaaf Alawaad (both Riyadh).

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