Global law firm White & Case LLP and Latham & Watkins have advised on the establishment of the Kingdom of Saudi Arabia's debut 144A/Reg S Sukuk Programme and issuance of US$9 billion Sukuk in equal tranches of US$4.5 billion due 2022 and 2027 respectively.
The transactions represent the largest Sukuk issued in the international capital markets to date. Citigroup, HSBC and JP Morgan acted as joint global coordinators, joint lead managers and joint bookrunners, and BNP Paribas, Deutsche Bank and NCB Capital acted as joint lead managers and joint bookrunners.
White & Case and Latham & Watkins had 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.
Dubai-based White & Case partner Debashis Dey said: "The sukuk offering builds on a successful earlier bond issue debut in the international capital markets by the Sovereign, by opening up the Sovereign's fund raising platform to an entirely new class of international Shari'ah compliant investors. It also sets a Sovereign yield curve that will greatly assist other Saudi domestic corporates who are contemplating international sukuk issues."
London-based Latham & Watkins partner Craig Nethercott said: "With this transaction the Kingdom of Saudi Arabia yet again set a new benchmark for the region and the Sukuk market globally. The investor reception for the sukuk, based on the Mudaraba/Murabaha structure, clearly demonstrates that another Sukuk financing option has been established in the important 144A market."
White & Case together with its associated firm in Riyadh (The Law Firm of AlSalloum and AlToaimi) advised the joint global coordinators, joint lead managers and joint bookrunners on both the Sukuk offering and the bond offering with a team led by partners Philip Stopford and Ian Clark in London and Debashis Dey in Dubai, with support from association partner Zeyad Al-Salloum in Riyadh, White & Case associates James Clarke, Xuan Jin, Adam Gao and Sankalp Labroo in Dubai and association lawyer Waad Alkurini in Riyadh. In addition, Dubai counsel Claudio Medeossi and associate Greg Pospodinis advised Deutsche Bank as delegate on the Sukuk offering, and HSBC as agent on the bond offering.
Latham & Watkins, together with its associated firm in Riyadh The Law Office of Salman Al Sudiairi, advised the Kingdom of Saudi Arabia as the issuer on the Sukuk and bond transactions with a team led by London partner Craig Nethercott and Dubai partners Harj Rai and Nomaan Raja and Dubai counsel Lee Irvine, with assistance from Washington, DC partner Alex Cohen, New York partners Alan Avery and Loren Finegold, Chicago partner Ellen Marks, London associate Chirag Sanghrajka and New York associate Bora Bozkurt. The Law Office of Salman Al Sudairi team in Riyadh was led by Omar Elsayed, Abdullah Al Hoquail, Salman Al Sudairi and Noor Al Fawzan.
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