Norton Rose Fulbright has advised Goldman Sachs on the issue of its landmark debut sukuk issue. The $500 million sukuk was met with strong demand from investors.
The sukuk is based on a wakala structure with the underlying assets linked to commodities. The sukuk has been approved by respected scholars Dr Mohamed Elgari, Dr Abu Ghuddah and Sh Nizam Yaquby.
Farmida Bi, head of Islamic finance, Europe comments:
Linklaters advised the Managers in connection with the CNY 1 billion 3.50%. Notes due 2017 issued by Agricultural Bank of China Limited Dubai Branch, under Agricultural Bank of China Limited's US$ 15 billion Medium Term Note Programme. Agricultural Bank of China is China’s third largest by assets. This transactions marks the first Reminbi offering in Dubai by a non-Dubai entity and the first Chinese fixed income bond on an Arab stock market.
One of the stated aims of the transaction was to contribute to the continuing global expansion of the Chinese currency.
Linklaters has advised the managers on four tranches of bonds issued by BSkyB. Proceeds from the bonds will help finance its acquisition of Sky Italia and a majority stake in Sky Deutschland from 21st Century Fox.
Wetherby-based Encon Group, one of the UK’s leading providers of specialist building materials, has set its sights on further expansion after announcing that it has secured a £54m refinancing deal.
The funding, which comprises facilities provided by funds and accounts advised by Farallon Capital Europe and Lloyds Bank Commercial Finance, will enable Encon to continue building market share in the UK.
Dentons has advised the Government of Sharjah, acting through Sharjah Finance Department, on the issuance of US$750 million Trust Certificates due 2024 which completed on 17 September 2014. The Certificates were listed on the Irish Stock Exchange and on the Nasdaq Dubai and represented the Government's first ever Sukuk issuance.
Allen & Overy has advised HSBC and Standard Chartered Bank as joint global coordinators and bookrunners along with several other bookrunners and co-managers on the USD1 billion sukuk offering by The Government of the Hong Kong Special Administrative Region of the People’s Republic of China, the first Islamic bond issuance by the HKSAR Government. The AAA-rated 5-year trust certificates were offered in a combined Rule 144A/Regulation S transaction to institutional investors internationally.
Shearman & Sterling represented the underwriters (led by HSBC Securities (USA) Inc.) in connection with HSBC Holdings plc’s inaugural contingent convertible securities offering, comprising an offering of US$1.5 billion aggregate principal amount of 5.625% perpetual subordinated contingent convertible securities (callable January 2020 and every five years thereafter) and US$2.25 billion aggregate principal amount of 6.375% perpetual subordinated contingent convertible securities (callable September 2024 and every five years thereafter).
A cross border team from global legal practice Norton Rose Fulbright has advised the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (the “HKSAR Government”) on its inaugural Sukuk under the Government Bond Programme. The Sukuk, with an issuance size of US$1 billion and a tenor of five years, marks the world’s first US$ denominated Sukuk originated by an AAA-rated government.
Herbert Smith Freehills has advised the Joint Lead Managers of Macquarie Bank Limited’s (MBL) offer of new Tier 1 hybrid securities known as Macquarie Bank Capital Notes (BCN), which are fully paid, unsecured, subordinated, non-cumulative, mandatorily convertible notes issued by MBL. The offer is intended to raise A$400 million, with the ability to raise more or less.
BCN are offered at an issue price of A$100 and are expected to be quoted on the ASX.
Davis Polk advised Lloyds Bank plc on its SEC-registered offering of $1 billion aggregate principal amount of 2.35% senior notes due 2019, fully and unconditionally guaranteed by Lloyds Banking Group plc. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Lloyds Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as joint bookrunning managers.