Xuan Jin

Counsel, Dubai

Biography

Overview

Xuan is counsel in the Capital Markets practice who is based in the UAE.

Xuan specialises in debt capital markets, Islamic finance and green (and sustainable) finance, with a focus on the sovereign, sovereign related entities, financial institutions and corporates sectors. He has experience working across a number of jurisdictions, including the GCC, Malaysia, China, the UK and continental Europe, advising local and international clients (both on the issuer and manager sides) on conventional, Islamic finance and green (and sustainable) finance capital markets, as well as structured finance, transactions.

Prior to joining White & Case, Xuan worked at a UK Magic Circle law firm in their London, Shanghai, Beijing and Dubai offices and has also spent time on secondment at HSBC Middle East.

Xuan is ranked as a "Rising Star" for Debt Capital Markets by Legal 500 and IFLR1000 and is qualified in England and Wales.

Bars and Courts
England and Wales
Education
LPC
The College of Law Moorgate
London
LLB (Hons)
London School of Economics and Political Science
Languages
English
Mandarin

Experience

Xuan's experience includes advising:

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 Global Coordinators (HSBC and Citi) and Joint Lead Managers on Hikma Pharmaceuticals PLC's (the multinational pharmaceutical company) Reg S $500 million 5-year Eurobond.

Representation of Fawaz Alhokair Group's Arabian Centres Company, the owner, developer and operator of shopping centres on its debut issuance of Reg S/Rule 144A US$500 million five-year Sukuk as part of the company's US$1.9 billion refinancing package comprising of Islamic bonds and new bank debt. The transaction is unique in being the largest corporate debt refinancing of a non-Sovereign corporate in Saudi to date. This deal has recently been recognised as "Saudi Arabia Deal of the Year" and "Real Estate Deal of the Year" by Islamic Finance News (2019).

Representation of the Republic of Indonesia (RoI) on the 2020 update of its Rule 144A/Reg S US$25 billion trust certificate issuance programme and the subsequent US$2.5 billion triple tranche sukuk offering under the program. The offering involved the issuance of a tranche of US$1 billion sukuk, a tranche of US$750 million sukuk and a tranche of US$750 million Green sukuk, the proceeds of which are to be exclusively used to finance and refinance Eligible Green Projects as set out in the RoI's Green Bond and Green Sukuk Framework.

Representation of the arrangers and managers on the 2019 update of the Republic of Indonesia's (RoI) Rule 144A/Reg S US$25 billion trust certificate issuance programme and the subsequent US$2 billion dual tranche sukuk offering under the program. The offering involved the issuance of a tranche of US$1.25 billion sukuk and a tranche of US$750 million Green sukuk, the proceeds of which are to be exclusively used to finance and refinance Eligible Green Projects as set out in the RoI's Green Bond and Green Sukuk Framework.

Representation of Citigroup Global Markets Limited as sole arranger and dealer on the establishment by Samba Funding Limited and Samba Financial Group of a US$5 billion euro medium term note programme and issuance of US$1 billion Guaranteed Notes due 2024 under the Programme, and the joint lead managers on the subsequent drawdown thereunder of US$500 million Guaranteed Notes due 2027.

Representation of Citigroup, First Gulf Bank P.J.S.C., ING, J.P. Morgan, National Bank of Abu Dhabi P.J.S.C., Natixis and Standard Chartered Bank as Managers on the offering of US$400 million 4 percent notes by CBD (Cayman) Limited, unconditionally and irrevocably guaranteed by Commercial Bank of Dubai P.S.C., under their US$2 billion EMTN Programme (as well as the updates of such programme). The notes were offered on a Regulation S basis and are listed on the Irish Stock Exchange.

Representation of Saudi Real Estate Refinance Company (SRC) on the establishment of its inaugural domestic SAR 11 billion Sukuk Issuance Programme, and the issuance thereunder of SAR 750 million across four Series. This deal has been recognised by Islamic Finance News as "Real Estate Deal of the Year" and "Saudi Arabia Deal of the Year".

Representation of the Joint Lead Managers on the offering of US$500 million Trust Certificates by Tabreed Sukuk SPC Limited with the National Central Cooling Company PJSC (Tabreed) acting as the Seller and Service Agent.

Representation of the Arrangers and Dealers on the 2018 and 2019 updates of (and drawdowns under) DP World PLC's Rule 144A/Reg S US$5 billion Sukuk Program, and on DP World's tender offer for existing trust certificates issued by JAFZ Sukuk (2019) Limited.

Representation of the Government of the Emirate of Dubai on its Reg S US$5 billion EMTN Programme and US$6 billion Sukuk Programme Regulation S annual updates.

Representation of Saudi Arabian Oil Company (Saudi Aramco) on the establishment of its first Sukuk Issuance Programme for the issuance of up to SAR 37.5 billion (US.$10 billion) Sukuk, and its debut SAR 11.25 billion (US$3 billion) Sukuk issuance thereunder.

Representation of First Abu Dhabi Bank, HSBC, Gulf International Bank, J.P. Morgan and Standard Chartered Bank on the establishment by Almarai Sukuk Ltd. of a Reg S US$2 billion Trust Certificate Issuance Programme, and on the issuance of US$500 million Trust Certificates. This deal has recently been recognised as "Investment Grade Corporate Bond/Sukuk Deal of the Year" by Bonds, Loans & Sukuk 2019.

Representation of the Dealers and Joint Lead Managers on (i) the 2017 establishment of the Kingdom of Saudi Arabia's Rule 144A/Reg S Sukuk Programme and debut issuance of US$9 billion Sukuk and (ii) establishment of the Kingdom's GMTN Programme in 2016, debut issuance of US$17.5 billion bonds and subsequent issuance of US$12.5 billion of bonds, and (iii) the 2018 and 2019 updates of the Kingdom's GMTN Programme and its Sukuk Programme, and each bond and sukuk issuance thereunder, including the issuance of €1 billion 0.750% notes due 2027 and €2 billion 2.000% notes due 2039 under its GMTN Programme and the issuance of U.S.$2,500,000,000 2.969 per cent. Trust Certificates due 2029 under its Sukuk Programme.

Representation of Investment Corporation of Dubai on the establishment and annual update of its US$2.5 billion Euro Medium Term Note Programme and US$2.5 billion Trust Certificate Issuance Programme and all drawdowns thereunder to date.

Representation of EQUATE Petrochemical Company K.S.C.C. and 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 EQUATE Group on the Regulation S offering of US$500 million trust certificates by EQUATE Sukuk SPC Limited under its US$2 billion Trust Certificate Issuance Programme. The offering was managed by HSBC, Citigroup, J.P. Morgan, Mizuho, KFH Capital, MUFG Securities, NBAD, SMBC and Watani Investment Company.

Representation of Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc, Watani Investment Co. K.S.C.C., First Abu Dhabi Bank PJSC and Standard Chartered Bank on the establishment of NBK SPC Limited's and National Bank of Kuwait's US$3 billion Global Medium Term Note Programme, and the offering under the programme of US$750 million 2.75% notes due 2022. The notes were issued pursuant to Rule 144A and Regulation S.

Representation of the Arrangers and Dealers in relation to the annual updates of Isbank, Garantibank and Vakifbank's US$ denominated EMTN and GMTN Programmes.

Awards and Recognition

Rising Star: Debt Capital Markets

Legal 500 and IFLR1000