Xuan is a Counsel in the Firm's Capital Markets practice based in Hong Kong (as a Registered Foreign Lawyer) and Dubai.
Xuan specialises in Debt Capital Markets, Sustainable and Islamic 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, the PRC, Hong Kong, South East Asia, the UK and continental Europe, advising local and international clients (both on the issuer and manager sides) on conventional, Sustainable and Islamic finance, as well as structured finance and restructuring, transactions.
Prior to joining White & Case, Xuan worked at a UK Magic Circle law firm in their London, Shanghai, Beijing and Dubai offices.
Xuan is ranked as a "Rising Star" for Debt Capital Markets by Legal 500 and IFLR1000 and is qualified in England and Wales.
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 BofA Securities, Inc., Bank of China Limited, Macau Branch and Industrial and Commercial Bank of China (Macau) Limited as Representatives and the other Initial Purchasers in respect of the issuance by MGM China Holdings Limited of US$750,000,000 4.75% Senior Notes due 2027;
- 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 Fawaz Alhokair Group's Arabian Centres Company, the owner, developer and operator of shopping centres on its sophomore issuance of Reg S/Rule 144A US$650 million 5.5 year Sukuk;
- Representation of 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). Four tranches of Asset Backed Notes were issued under the transaction, being the €50,000,000 Class A1 Floating Rate Notes due 2034, the €43,000,000 Class A2 Fixed Rate Notes due 2034, the €37,000,000 Class A3 Fixed Rate Notes due 2034 (subscribed by EIF, EBRD and other investors) and the €56,400,000 Class B Subordinated Notes due 2034 (retained by Avis Hellas), with the Class A Notes receiving a BBB+ rating from Fitch and Standard & Poor's. The proceeds of the EBRD subscribed Notes are to be used by Avis Hellas to invest in reduction of carbon emissions across its vehicle fleet;
- 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 Saudi Real Estate Refinance Company (SRC) on the establishment of its sophomore domestic SAR 10 billion Sukuk Issuance Programme with the benefit of a Saudi Sovereign Guarantee, and the issuance thereunder of SAR 4 billion of Government Guaranteed Sukuk across two Series;
- Representation of the Joint Lead Managers on the offering of US$500 U.S.$500,000,000 2.500 per cent. Notes due 2027 by the National Central Cooling Company PJSC (Tabreed);
- 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 Programme;
- 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 inaugural Sukuk Issuance Programme for the issuance of up to SAR 37.5 billion (US.$10 billion) Sukuk, its debut SAR 11.25 billion (US$3 billion) Sukuk issuance thereunder and the subsequent update of the Programme in 2021;
- 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 updates 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, including the U.S.$600,000,000 3.223 per cent. Notes due 2026;
- 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;
- Representation on collateralised debt obligations, refinancing and restructuring transactions for European arrangers, issuers and originators.
Rising Star: Debt Capital Markets
Legal 500 and IFLR1000