Islamic Finance Practice Advises on Award-Winning Deals

Islamic Finance news

March 08, 2013

Islamic Finance news, a leading information provider covering the global Islamic financing market, has announced its 2012 Deals of the Year. The competition for the “Deals of The Year” was incredibly close, and saw over 300 nominations, according to Islamic Finance news. Latham & Watkins advised on two award-winning deals, including:

  • the Abu Dhabi Islamic Bank – Tier 1 Sukuk, which was named the “Mudarabah Deal of the Year” and “UAE Deal of the Year”; Latham advised Abu Dhabi Islamic Bank PJSC, one of the leading Islamic banks in the Middle East, in connection with the region's first perpetual and Basel III compliant tier 1 sukuk issuance. The initial benchmark size for the issuance of US$500 million was more than 30 times oversubscribed, with an order book of US$15.5 billion, and the expected profit rate of 6.375% is the lowest ever coupon for an instrument of this type. The transaction has allowed Abu Dhabi Islamic Bank PJSC to strengthen and diversify its capital base in line with international best practice in capital management.
  • the State of Qatar Sukuk, which was named the “Qatari Deal of the Year”; Latham advised the joint lead managers, Barwa Bank, Deutsche Bank, HSBC, Standard Chartered Bank and QInvest, in the State of Qatar’s US$4 billion sovereign ijara sukuk. 

The firm also advised on two deals which received “honorable mentions”, including: 

  • the State of Qatar Sukuk A in the “Sovereign” category; and Mobily in the “Structured Finance” and “Syndicated” categories; Latham advised Etihad Etisalat Company (Mobily) in relation to SAR 10,000,000,000 unsecured airtime sale and murabaha facilities to be used to refinance its existing indebtedness and for general corporate purposes. 
  •  Islamic Finance news also named Latham & Watkins “Best Law Firm - Project & Infrastructure Finance.” This is the second consecutive year Latham has won the award. 

Craig Nethercott, Chair of Latham & Watkins’ Global Islamic Finance Practice, said: “We are delighted to receive this industry recognition for our work on a number of landmark transactions. We have a broad Islamic finance practice and our work on a number of award-winning capital markets and financing deals is a testament to the innovation of our clients and the depth of talent and expertise among the team.” 

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