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Norton Rose First Sovereign Sukuk to be on Stock Exchange

Norton Rose First Sovereign Sukuk to be on Stock Exchange

Norton Rose (Middle East) LLP has advised the Kingdom of Bahrain in connection with its US$350 million sovereign sukuk al Ijara listed on the London Stock Exchange.

 

This is the first sovereign sukuk to be listed on the London Stock Exchange.

 

The sukuk was issued through a special purpose vehicle established in Bahrain, CBB International Sukuk Company (SPC).

 

Norton Rose (Middle East) LLP Senior debt capital markets lawyer, Rizwan Kanji commented:

 

“This is the first sovereign sukuk to be listed on the London Stock Exchange which goes to further emphasis London as a jurisdiction of choice for listing of sukuks. We believe this will pave the way for more sovereign and quasi sovereign issuances to be listed in London originating from the Middle East”.

 

The Norton Rose (Middle East) LLP team was led by Rizwan Kanji and assisted by Lidia Kamleh in Dubai.

 

Norton Rose Group has a highly experienced debt capital markets team within the International Securities Group with extensive experience in debt capital markets structuring, advising and documenting numerous types of instruments complying with both conventional and Islamic principles, as well as regulatory requirements, in numerous jurisdictions. 

 

Norton Rose Group frequently act on bonds and sukuks for large financial institutions, advising them on their role as lead arrangers and managers as well as acting for high profile corporates and financial institutions in their role as originators. The International Securities Group also advises on securitisation and structured products.

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