International law firm Allen & Overy, in association with local Saudi Arabian law firm Abdulaziz AlGasim Law Firm, has advised the Saudi Electricity Co on its $1.75 billion Islamic bond issuance.

The Islamic bond, or sukuk, is the company’s first international sukuk issuance and the largest international debt capital markets issuance the kingdom. The Allen & Overy team was led by London-based partners Atif Hanif and Jamie Durham, and Riyadh-based partner, Zeyad Khoshaim. Hanif’s partnership at the firm will be effective from May 1.

"The completion of this transaction follows the successful closure of a number of high-profile sukuk issuances in Saudi Arabia in recent months, including the issuances by Sipchem, SATORP, GACA and (the) Almarai Company,” said Khoshaim. “Allen & Overy's involvement in all these transactions further cements our position as the leading Islamic finance law firm.”

Global law firm Latham & Watkins advised lead managers HSBC Bank and Deutsche Bank, along with co-manager Mitsubishi UFJ Securities International, on the deal. ALB

Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.

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