Walkers advised on four MENA deals recognised under five winning categories at the upcoming Bonds, Loans and Sukuk awards to be held in Dubai. The awards celebrate excellence in the Middle Eastern capital markets.
Global Corporate Sukuk Deal of the Year
Air Lease Corporation - USD 600m 144a/RegS Senior Unsecured Sukuk
Issued: March 2023; Matures: April 2028
JLMs/Arrangers: Arab Banking Corporation, Dubai Islamic Bank, Al Rayan, Citi, Deutsche Bank, Emirates NBD Bank, JP Morgan, KFH Capital, Warba Bank
Legal Adviser to the Obligor: Allen & Overy, Walkers (Dubai) LLP
Legal Adviser to the JLMs: Clifford Chance
Ground-breaking Deal of the Year
The Public Investment Fund - USD 3bn RegS Triple-tranche (including Century Tranche) Senior Unsecured ESG Bond
Issued: Oct 2022; Matures: Oct 2027, Oct 2032, Oct 2122
Global Coordinators: BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JPMorgan
Joint Green Structurers and Active Bookrunners: Credit Agricole, Standard Chartered
Active Bookrunners: First Abu Dhabi Bank, HSBC, Mizuho, SMBC Nikko, SNB Capital, Société Générale
Passive Bookrunners: ANB Capital, BofA Securities, Bank of China, GIB Capital, ICBC, Intesa SanPaolo IMI, Morgan Stanley, MUFG, Natixis, Riyad Capital, Saudi Fransi Capital
Legal Advisers to the Issuer: Latham & Watkins, Walkers (Dubai) LLP
Legal Advisers to the JLMs: Linklaters
Obligor / Issuer Name: Public Investment Fund / GACI First Investment Company
Borrower Name: GACI First Investment Company
Sponsor Name: Public Investment Fund
Mid-Cap Debt Deal of the Year
Arada Developments - USD350m 5-Yr Sukuk 8.125%
Issued: May 2022; Matures: May 2027
Bookrunners/JLMs: ADCB, Ajman Bank, Al Rajhi Capital, Dubai Islamic Bank, Kamco Investment Company, Mashreqbank, Sharjah Islamic Bank, Standard Chartered Bank, Warba Bank
Legal Adviser to the Issuer: Allen & Overy, Walkers (Dubai) LLP
Legal Adviser to the JLMs: Clifford Chance
Fiscal, Paying, Transfer and Calculation Agent, and Registrar: Citibank
Obligor / Issuer Name: Arada Developments LLC
Borrower Name: Arada Sukuk Limited
Islamic Structured Finance Deal of the Year
Moove Sukuk Company - USD30 million Senior secured, reg S, private placement Sukuk
Issued: February 2023; Matures: 2028
Bookrunners/JLMs: Franklin Templeton
Legal Adviser to the Issuer: White & Case, Walkers (Dubai) LLP
Legal Adviser to the JLMs:, Addleshaw Goddard (Middle East) LLP, Stibbe NV
Advisors: Loyens & Loeff NV, Norton Rose Fulbright
Obligor / Issuer Name: Moove Sukuk Company Limited
Borrower: Moove Africa B.V., Moove Dubai B.V., Moove Dubai Midco B.V., Moove Operating Co LLC FZE (Dubai Opco)
Sponsor: Moove Africa B.V.
Aircraft Finance Deal of the Year
Air Lease Corporation - USD 600m 144a/RegS Senior Unsecured Sukuk
Issued: March 2023; Matures: April 2028
JLMs/Arrangers: Arab Banking Corporate, Dubai Islamic Bank, Al Rayan, Citi, Deutsche Bank, Emirates NBD Bank, JP Morgan, KFH Capital, Warba Bank
Legal Adviser to the Obligor: Allen & Overy, Walkers (Dubai) LLP
Legal Adviser to the JLMs: Clifford Chance
Walkers provides fully-integrated legal and fiduciary services to our international client base, effectively offering a “one stop shop” for our clients and a wide range of options for structuring financial services transactions, with the Walkers' Dubai office having significant experience in this field. Supplemental to Cayman law advice, Walkers' offering also includes incorporation services (assisting with forming the Cayman Islands issuer as an orphan, bankruptcy remote vehicle), as well as administrative, registered office, directorship and share trustee services. Additionally Walkers' global offering provides various ancillary services such as English service of process agent services and listing services.
Walkers developed a leading practice as offshore counsel across a broad range of Islamic Finance products including in the field of Sukuk, Shari'ah-compliant bonds, as a means of accessing capital while still adhering to Islamic religious principles. The Cayman Islands' strong reputation in global finance has led to the Cayman Islands having become the preferred offshore jurisdiction for domiciling the issuer vehicles.
Many congratulations to our Dubai team as well as all parties involved.
