Apr 18 2012
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Allen & Overy advises Saudi Electricity Company on the latest high-profile international sukuk issuance in Saudi Arabia
The Allen & Overy team was led by London-based partners Atif Hanif* and Jamie Durham, and Riyadh-based partner, Zeyad Khoshaim.
Commenting on the deal, Atif Hanif said "We are delighted to have advised SEC on the issuance of this ground-breaking sukuk. The transaction is significant in both its size and tenor. The fact that SEC was able to obtain a tenor of ten years for the USD1.25 billion series and that the total order book for the two series was in excess of USD17.5 billion are remarkable in the current financial climate. The success of the transaction also demonstrates there continues to be strong investor demand for quality paper in the international sukuk market. We expect this transaction to act as a benchmark for future international issuances from the Kingdom and other GCC countries."
This is the latest successful closure in an outstanding twelve months for Allen & Overy's Islamic Finance Group. Recent notable transactions include advising on the ground-breaking GACA sovereign sukuk, which was the largest ever sukuk in the Kingdom and the first Saudi sovereign sukuk. This was closely followed by advising on the establishment of the Almarai programme, which was the Kingdom's first domestic sukuk programme, and the subordinated Tier II sukuk issue by The Saudi British Bank. Allen & Overy has also recently advised Sipchem on its SAR1.8bn debut sukuk issue and SATORP on its SAR3.749bn sukuk issue.
* Atif's appointment as partner will come into effect on 1 May 2012.
For further information on the above, please contact Natalie Murray at email@example.com or on +971 (0)4 426 7100
Allen & Overy is an international legal practice with approximately 4,750 staff, including some 480 partners, working in 39 offices worldwide.
In this press release 'Allen & Overy' means Allen & Overy LLP and/or its affiliated undertakings.
The term 'partner' is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP's affiliated undertakings.
© Press Release 2012
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