Allen & Overy and its cooperation firm in Saudi Arabia, Khoshaim & Associates, have advised the Ministry of Finance of the Kingdom of Saudi Arabia on the USD11bn bond issuance under its Global Medium Term Note Programme. The transaction received significant interest from international investors, with the order book peaking at USD52bn.
The issuance consisted of three tranches of notes as follows: USD4.5bn (equivalent to SAR16.88bn) 7 year notes maturing 2025, USD3bn (equivalent to SAR11.25bn) 12 year notes maturing 2030, and USD3.5bn (equivalent to SAR13.13bn) 31 year notes maturing 2049.

A joint team advising the issuer was led by partners Zeyad Khoshaim of Khoshaim & Associates in Riyadh, and Jamie Durham and Sachin Davé in London. Riyadh-based associates Ghadah Alotaibi and Rawan AlBrikeit, together with senior associates Cieren Leigh, May Chiu, associate Khalid Alyafi and trainee Katherine Barrett in London, provided support.

Zeyad Khoshaim commented: “This is a sizeable and strategically important transaction. The strength of investor interest indicates the continued confidence in economic policies and reforms being undertaken in Saudi Arabia as part of Vision 2030.” Jamie Durham added: “Our global reach makes us ideally placed to advise on deals of this scale and stature and we are proud to be working alongside the Ministry of Finance on this fund raising.”