Global law firm White & Case LLP has advised the State of Qatar (SOQ) on the largest deal of its kind in the Gulf region this year, a US$5 billion sovereign bond offering, including five, 10 and 30 year tranches. This was the State's first bond offering in two years.
The proceeds of the offering will be used by the SOQ to fund various infrastructure projects in Qatar, the continued growth of Qatar's hydrocarbon sector, and provides for additional funding for State-owned entities.
"Not only is the size of this bond issuance notable, the milestone is even more significant given existing volatile markets," said Ian Clark, partner, White & Case. "It is a sign that the markets remain open, at least on a selective basis, for Gulf credits with compelling stories."
White & Case has extensive sovereign experience, having worked with over 60 sovereign nations over the past 30 years. Other sovereigns on whose bond offerings the Firm has acted include Belarus, Costa Rica, Indonesia, Mongolia, Macedonia, Poland, Serbia and the Ukraine. In 2011, the Firm advised on three bond issues in sub-Saharan Africa including the Federal Republic of Nigeria, the Republic of Senegal and most recently, the Republic of Namibia.
The White & Case team supporting the State of Qatar's bond issue was led by London-based partners Ian Clark and Philip Stopford, and recently promoted partner Sean Johnson. Assisting were London associate Meenakshi Roy, Doha associates Adrian Lawrence and Alan MacRitchie, and London trainee Laura Clegg.
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