International law firm Norton Rose has advised the Majid Al Futtaim Group on the update of its $2 billion global medium-term note (GMTN) programme and its $1 billion Islamic bond, or sukuk, programme.
The GMTN programme was arranged by Barclays Bank, Emirates NBD Bank and Standard Chartered Bank. The sukuk programme, on the other hand, was arranged by the Abu Dhabi Islamic Bank, the Dubai Islamic Bank, HSBC and Standard Chartered Bank.
"We are delighted to have acted for such an important client of our legal practice, the Majid Al Futtaim Group, on their conventional debt and Islamic financing programmes. Their debt raising initiative has been a real success story for capital markets in the region, and we are proud to have been part of that process," said Alex Roussos, capital markets of counsel at the firm.
The Norton Rose team was led by Roussos, who was assisted by Mohammed Paracha, partner and head of Islamic finance for the Middle East and Africa, Farmida Bi, partner and head of Islamic finance for Europe in London, and associate Faris Al Amoudi in Dubai.
Global law firm Clifford Chance advised the arrangers on both programmes, while Maples and Calder provided Cayman Island law advice and acted as corporate services provider to the special purpose vehicle established under each programme. Allen & Overy advised the company on its debut $400 million sukuk in January, while Clifford Chance advised the banks on the issuance. ALB
Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.
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