Dubai – Dentons has won Debt & Equity-Linked Deal of the Year at the International Financial Law Review (IFLR) Middle East Awards 2021. Dentons was awarded the prize for the advice it gave to Khaleeji Commercial Bank's additional Tier 1 sukuk, which sets a new precedent for convertible sukuks.
This transaction represented the first Additional Tier 1 issuance from the GCC which contained a point of non-viability loss absorption mechanism in the form of conversion into equity.
Commenting on the win, capital markets partner Alex Roussos, who led on the deal, said: "We are delighted to have won this award. This was a milestone transaction for the Bank and an important transaction in the AT1 space in our region and we are grateful to have had the chance to support our client."
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