Debashis Dey

Partner, Dubai, London


“Truly fabulous” Debashis Dey is noted for “in-depth knowledge” and “vast experience”. Sources state that “he is frank in terms of what is doable and what the hurdles would be - he lays things out clearly for clients”.

“Debashis is great – he really understands structures. If we’ve got queries, he’s always the best person to talk things through with”.
Chambers Global


Widely recognised as a leading finance and capital markets lawyer, Debashis has over two decades of experience in helping domestic and international clients to execute a spectrum of complex cross-border transactions.

Debashis has a seasoned focus on European Financial Services and Middle Eastern based corporates but is also active in a number of other sectors including private equity, structured finance, Islamic finance and non-performing loans.  

His extensive track record includes advising investment banks, corporates and governments on capital markets, securitisation and structured finance matters, including Islamic finance sukuk transactions, regulatory capital transactions, commercial and residential mortgages and consumer finance as well as sale, acquisition and securitisation of non-performing loans (NPLs) and distressed assets. Debashis is also frequently called upon to work with private equity, companies and investment banks, especially in connection with complex, international M&A and Private Equity transactions involving distressed real estate or non-performing assets.

Debashis is a sought after and regular speaker at client, media and industry events and is a recognised expert on NPL M&A, NPL portfolio sales and complex servicing transactions. He is also recognized for his long-standing securitisation and fixed income experience. He has presented to many leading financial institutions, major companies and many key regulators, including the Bank of England and Prudential Regulation Authority and the London Stock Exchange.

A partner in the Firm's Global Capital Markets Practice, Debashis also offers clients the benefit of his wide-ranging international experience. Qualified in England and Wales, New York, British Columbia and Ontario, he has executed deals in and across jurisdictions in the GCC (UAE, Qatar, Saudi Arabia), Europe, the US and Asia.

Bars and Courts
Solicitor, England and Wales
New York
Barrister and Solicitor, Province of Ontario, Canada
Osgoode Hall Law School
York University, Toronto
Political Science
University of Western Ontario


Securities transactions

  • Representation of Citigroup Global Markets Ltd., Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, J.P. Morgan Securities plc and Standard Chartered Bank as joint lead managers on ICD Funding Ltd. 's issuance of US$600 million 3.223% notes due 2026 under its US$2.5 billion euro medium-term note (EMTN) program, unconditionally and irrevocably guaranteed by Investment Corporation of Dubai.
  • Representation of HSBC Bank plc, JP Morgan Securities plc and Commercial Bank of Dubai P.S.C. as joint lead managers on National Central Cooling Company PJSC's issuance of US$500 million 2.500% notes due 2027.
  • Representation of Pareto Securities AB as arranger, Nordic Trustee as bond trustee and HSBC Bank as security agent and account bank on the offering of 5-year, US$200 million 8.5% secured Norwegian law governed notes by Brooge Petroleum Gas Investment Company FZE, a leading independent oil storage company in the UAE.
  • Representation of Citigroup Global Markets Limited, HSBC Bank plc, Merrill Lynch International and Mizuho International plc as joint lead managers in connection with the issuance of US$500 million 3.250% Notes due 2025 by Hikma Finance USA LLC, a member of the global Hikma Pharmaceuticals group.
  • Representation of Barclays Bank PLC as Arranger and Dealer on the 2019 update of the Isbank Global Covered Bond Programme of €2 billion.
  • Representation of Barclays Bank PLC and Natixis as Arrangers and Dealers, and Banco Bilbao Vizcaya Argentaria, S.A., BNP Paribas, Landesbank Baden-Württemberg and Société Générale as Dealers on the 2019 update of the Garanti Bank Global Covered Bond Programme.
  • Representation of Barclays Bank PLC as arranger and dealer in the update of the €2 billion Global Covered Bond programme of Türkiye İş Bankası A.Ş.
  • Representation of Barclays Bank PLC as Arranger and Dealer on the 2019 update of the Isbank Global Covered Bond Programme of €2 billion.
  • Representation of Barclays Bank PLC and Natixis as Arrangers and Dealers, and Banco Bilbao Vizcaya Argentaria, S.A., BNP Paribas, Landesbank Baden-Württemberg and Société Générale as Dealers on the 2019 update of the Garanti Bank Global Covered Bond Programme.
  • Representation of UniCredit Bank AG as Arranger in the establishment of the Türkiye Cumhuriyeti Ziraat Bankası A.Ş. EUR1 billion Global Covered Bond Programme.
  • Representation of NATIXIS and UniCredit Bank as Arrangers and Barclays, BNP Paribas, Citigroup, Commerzbank, Erste Group, HSBC, ING, Rabobank and Société Générale as Dealers in the annual update of the €3 billion Covered Bond Programme of T. Vakiflar Bankasi T.A.O., a publicly listed Turkish bank, the majority shares of which are owned by the Turkish state.
  • Representation of NATIXIS and UniCredit Bank AG as joint lead arrangers and dealers in the update of the €1 billion Global Covered Bond programme of Yapı ve Kredi Bankası A.Ş.
  • Representation of NATIXIS, UniCredit Bank AG, Barclays Bank PLC, BNP Paribas, London Branch, Citigroup Global Markets Limited, Commerzbank AG, Coöperatieve Rabobank U.A., Erste Group Bank AG, HSBC Bank plc, HSBC France, ING Bank N.V., London Branch, Société Générale (the Arrangers) in the update of the €3 billion Global Covered Bond Programme of Türkiye VakıflarBankası T.A.O.
  • Representation of the managers on Dubai-based global port operator DP World's issuances of US$300 million Notes due 2048 under its Global Medium Term Note Programme, and US$1 billion Trust Certificates due 2029 under its Trust Certificate Issuance Programme. Both issuances were oversubscribed, with the order books for the GMTN issuance and Trust Certificates issuance reaching US$1.6 billion and US$4.6 billion respectively.
  • Representation of European Investment Fund (EIF) in its capacity as Guarantor of Senior Notes on a securitisation concluded by Alior Leasing sp. z o.o., the leasing subsidiary within Alior Bank Group. The securitised portfolio is comprised of PLN 500 million (around €116.3 million) of Polish lease receivables.
  • Representation of Greece's 'big four' banks, Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank, in connection with their entry into a servicing agreement to establish a joint servicing platform with doBank S.p.A., for the management of €1.8 billion of common non-performing loans extended by the banks to small-and medium-sized enterprises.

Corporate M&A / Private Equity / NPLs / Restructuring

  • Representation of Alpha Bank on international legal matters regarding its entry into definitive transaction documentation with certain entities managed and advised by Davidson Kempner for the sale by Alpha Bank of 80 percent of its loan servicing subsidiary Cepal Holdings and the entry by Alpha Bank into a long term servicing arrangement for its €10.8 billion NPE portfolio (codenamed Project Galaxy).
  • Representation of Hoist Finance AB (Hoist) on a strategic partnership with alternative investment manager Magnetar Capital (Magnetar) for joint non-performing loan (NPL) portfolio investments on a pan-European level.
  • Representation of Alpha Bank on the acquisition of Cepal a Greek specialist loan servicing businesses, as part of the approximately €10 billion Project Galaxy securitisation of NPEs. Cepal will service the securitisation of Alpha Bank's remaining NPEs as well as portfolios owned by international investors.
  • Representation of Alpha Bank S.A. on the negotiation and structuring of a sale of a portfolio of primarily SME NPL receivables backed by real estate collateral with a gross book value of EUR 1.1 billion to Fortress Investment Group for a total purchase price of EUR 323 million.
  • Representation of Centerbridge Partners, L.P. and Elliott Advisors UK Limited on the acquisition of a €900 million portfolio of secured non-performing small business lending and SME loans secured by Greek real estate from the National Bank of Greece (NBG). NBG completed the disposal of the portfolio to Symbol Investment NPLCO DAC, a company jointly owned by funds managed by Centerbridge Partners and Elliott Advisors. The consideration of the transaction is equivalent to approximately 28 percent of the principal amount of the portfolio and is capital accretive to NBG. White & Case advised on all aspects of this highly complex transaction, including the jointventure and acquisition structuring, the asset servicing arrangements with Cepal Hellas, and the limited recourse senior financing together with specialist advice on European risk retention and securitisation regulations.
  • Representation of Alpha Bank A.E. on its sale to a consortium of funds managed by affiliates of Apollo Global Management and International Finance Corporation, a member of the World Bank Group, of a mixed pool of non-performing loans (NPLs) to Greek SMEs and, together with Alpha Bank's wholly-owned group company Alpha Leasing S.A., repossessed real estate assets in Greece.
  • Representation of Cross Ocean Partners (an investment firm focusing on credit investments in a broad range of asset classes), and Fortress Investment Group (a leading global investment firm) on their joint venture and US$900 million acquisition of a portfolio of shipping loans through the acquisition of the shares in the SPV lender from Cerberus. The transaction involved the collaboration of White & Case lawyers in the capital markets, corporate, banking and restructuring teams in Dubai, London, Frankfurt and New York offices, negotiating and executing the suite of acquisition, financing, servicing and other document.
  • Representation of Alpha Bank on its joint venture with Centerbridge Partners for the creation and operation of an innovative integrated servicing platform for NPLs in the Greek market. This was the first licensed servicing company under the very recent Greek legislative and regulatory framework on servicing and transfers of NPLs.
  • Representation of J.P. Morgan in connection with the financing of Lone Star Fund's bid to acquire from Alpha Bank A.E. a portfolio comprised of Greek commercial real estate NPLs and properties.

Islamic Finance

  • Representation of Citigroup Global Markets Limited, Dubai Islamic Bank, HSBC Bank plc, J.P. Morgan Securities plc and Standard Chartered Bank in connection with the update of Almarai Company's Reg S U.S.$ 2 billion Trust Certificate Issuance Programme and the subsequent drawdown issuance of US$750,000,000 Trust Certificates due 2 under the Programme.
  • Representation of a syndicate of 13 banks led by Citigroup Global Markets Ltd., Deutsche Bank AG, London Branch and J.P. Morgan Securities plc (as global coordinators), and Crédit Agricole Corporate and Investment Bank, Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, Samba Financial Group, Standard Chartered Bank, The Bank of Nova Scotia, Abu Dhabi Islamic Bank PJSC and Commercial Bank of Dubai P.S.C. (as managers), on the offering of US$1.5 billion Regulation S reset subordinated perpetual Sukuk certificates on behalf of DP World PLC (now DP World Ltd.)
  • Representation of Saudi Real Estate Refinance Company (SRC) in connection with establishment of SAR 10 billion domestic Sukuk issuance programme and issuance of SAR 1 billion guaranteed Sukuk due 2028 and SAR 3 billion guaranteed Sukuk due 2031.
  • Representation of Saudi Aramco on the update of its domestic Sukuk Issuance Programme for the issuance of up to SAR 37.5 billion Sukuk on a private placement basis. This Programme remains Saudi Aramco's sole domestic debt capital markets corporate balance sheet funding platform and enables greater diversification of Saudi Aramco's sources of funding.
  • Representation of Republic of Indonesia (RoI) and its special-purpose vehicle on the update of the RoI's Rule 144A/Reg S US$25 billion trust certificate issuance program and the subsequent US$2.5 billion dual tranche Sukuk offering thereunder. The offering involved the issuance of a tranche of US$750 million Sukuk due 2025, a tranche of US$1 billion Sukuk due 2030 and a tranche of US$750 million green Sukuk due 2050.
  • Representation of the Global Coordinators and other Managers on DP World's issuance of Sharia-compliant US$1.5 billion, 6.125% Reset Subordinated Perpetual Certificates which uses a Mudaraba structure. The funds raised through the issuance will be used by DP World for its general corporate purposes and to help fund its payment obligations under certain financing arrangements.
  • Representation of the Arrangers and Dealers in the establishment of the Global MTN Programme of the Kingdom of Saudi Arabia (acting through the Ministry of Finance) and the US$17.5 billion Rule 144A/ Reg S issuance of senior notes thereunder.
  • Representation of Investment Corporation of Dubai in connection with the US$1 billion issuance of trust certificates by ICD Sukuk Company Limited under its US$2.5 billion trust certificate issuance programme. The trust certificates, which were issued in a single tranche maturing in 2027, were offered pursuant to Regulation S and are listed on the Nasdaq Dubai and on the Irish Stock Exchange, and have a profit rate of five percent per annum.
  • Representation of EQUATE Petrochemical Company K.S.C.C. and the Kuwait Olefins Company K.S.C.C. on the establishment of EQUATE Petrochemical B.V.'s US$4 billion GMTN Programme in October 2016 and the Rule 144A/Regulation S offering of US$2.25 billion notes in aggregate under this Programme. This transaction marked the first ever Rule 144A issuance wholly guaranteed by Kuwaiti entities, the largest ever international Eurobond issuance wholly guaranteed by Kuwaiti entities and the largest corporate Eurobond offering from the GCC region since June 2014.
  • Representation of the joint lead managers on the Government of Malaysia's U.S.$2 billion dual-tranche sukuk-al-wakala issuance.
  • Representation of the joint lead managers on the first UK Government Export Credit Agency Guaranteed pre-funded sukuk for Emirates Airlines.

Derivatives / Structured Finance

  • Goldman Sachs International on an up to US$150 million warehouse securitisation of buy now, pay later receivables originated by Nakhla for Information Technology Systems LLC (Tamara) in Saudi Arabia. This was a first of a kind structured finance transaction in the Middle East.
  • Representation of Stargems DMCC, a diamond trading company established in the Dubai Multi Commodity Centre (DMCC), on a diamond receivables securitization notes; issuance by SG Receivables Finance LP (a special purpose vehicle) which consisted of three classes of notes. The transaction involved the sale of diamond receivables from Stargems DMCC to the Issuer, with Stargems acting as the servicer of the receivables. The securitization notes benefitted from parent company and management guarantees, as well as security over the local collections account in the United Arab Emirates.
  • Represented the investor teams from the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD) on a rare Greek Auto ABS, involving the securitisation of auto leases to Greek SME and corporate customers originated by Olympic Commercial & Tourist Enterprises Single Member S.A. (Avis Hellas). Avis, a market leader for auto lease contracts in Greece, has also committed to utilizing a portion of the issuance proceeds to implement projects for the reduction of its carbon footprint.
  • Represented PG Receivables Finance LP, a special purpose vehicle of Pluczenik Diamond Company, N.V., one of the world's leading diamantaires headquartered in Antwerp, Belgium with offices and manufacturing facilities in various jurisdictions, including Hong Kong, Dubai, Israel, India, Botswana and Namibia, in connection with a US$100 million diamond trade receivables securitization.
Awards and Recognition

Lifetime Achievement Award
IFLR Middle East Awards, 2023

Key Lawyer - Islamic Finance
Key Lawyer - Derivatives and Structured Products
Key Lawyer - Securitisation
Legal 500, UK, Capital Markets, 2023

Ranked Band 1 - Middle East-wide, Capital Markets: Debt
Ranked Band 1 - United Arab Emirates, Capital Markets: Debt
Ranked – Expert Based Abroad - Capital Markets - Saudi Arabia & United Arab Emirates
Ranked Band 2 - Middle East-wide, Islamic Finance
Ranked Band 2 - United Arab Emirates, Banking & Finance: Islamic Finance
Chambers Global, Middle East-wide, 2020

Leading Individual, Capital Markets, UAE
Legal 500, UAE, 2020

"Debashis Dey is well reputed for his involvement in high-profile debt capital markets transactions, most notably in sukuk and debut issuances. He frequently acts for government entities and is especially renowned for his presence in the Saudi Arabian market. One highly impressed client noted: "Debashis is great – he really understands structures. If we've got queries, he's always the best person to talk things through with."
Chambers Global, Middle East-wide, 2020

Debashis Dey is a significant practitioner in the sukuk field, where sources state that he "comes highly recommended." He is a skilled adviser on debut issuances and regularly represents international financial institutions, including Shari'a-compliant banks.
Chambers Global, UAE, 2020

Debashis Dey has built up an impressive following in the debt space. He regularly advises on sukuk issuances, and has considerable experience assisting with Saudi-related mandates. One client praised him for being "very responsive to all our enquiries; he always takes the time to analyse in detail the issue at hand." He splits his time between Dubai and London.
Chambers Global, UAE, 2020