AS&H in co-operation with Clifford Chance advises Al Rajhi Capital in relation to the establishment of the Al Rajhi Bank Additional Tier 1 SAR 10 billion Sukuk Programme and the public offering of the Sukuk thereunder
Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance has advised Al Rajhi Capital as sole arranger and lead manager in relation to the establishment of the SAR 10 billion Al Rajhi Bank Additional Tier 1 Capital Sukuk issuance programme and the public offering of SAR 10 billion Sukuk thereunder.
The transaction marks the first public debt offering pursuant to the Capital Market Authority’s Rules on the Offer of Securities and Continuing Obligations.
The AS&H team was led Yasser Al-Hussain (Partner and Head of Banking & Finance). Mansoor Alhagbani (Partner and Head of Capital Markets and Financial Regulatory) advised on regulatory aspects of this transaction. The partners were supported by Senior Associate Ali Moiz Ansari and Associates Ibrahim Al-Mansour (who was the lead associate), Mohammed Ghazzawi and Aljoahra BinAhmed.
The Clifford Chance team was led by Partner Stuart Ure who was supported by Senior Associate Julian Walley and Associate Benedetta Tola.
AS&H and Clifford Chance have a strong track record advising on some of the largest, most innovative and most complex deals in the Middle East. Together, we have advised on some of the most notable debt capital markets transactions in the Kingdom, including advising the joint lead managers in connection with a new 144a issuance of Trust Certificates for Arabian Centres Company (which was one of the first deals in KSA where the underlying structure used for the Trust Certificates / Sukuk was a Wakala and Murabaha structure) as well as advising the joint lead managers as to English and Saudi law (and the delegate as to English law) on the issuance by The National Commercial Bank of US$1.25 billion USD Additional Tier 1 Capital Certificates (which were listed on the International Stock Exchange in London).