International law firms Latham & Watkins and White & Case have advised the Qatar government on its $4 billion Islamic bond, the largest dollar-denominated sukuk ever seen.
According to the deal’s prospectus, Latham served as adviser to the Qatar government on matters of Qatari law and the banks on the deal, while White & Case advised the issuer on English law. HSBC, Standard Chartered, Deutsche Bank, and local Qatari lenders Barwa Bank and QInvest were bookrunners on the transaction.
The world's top liquefied natural gas exporter priced a $4 billion, two-tranche sukuk last week, attracting a massive order book of over $24 billion. It was the Qatari government's first Islamic debt issue in nine years. It had not issued a sovereign sukuk since 2003, when it had priced a seven-year paper at $700 million.
Previously, the world's biggest dollar sukuk was a $3.52 billion issue by Dubai property developer Nakheel Properties, Thomson Reuters data showed. This was repaid in December 2009.
Qatar said it would use the proceeds of its issue for general government purposes. The tiny country is embarking on an intensive infrastructure building programme, which includes a new airport, a seaport, and roads to prepare for hosting the 2022 soccer World Cup.
Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.
Other related stories: