Norton Rose Fulbright has advised retail and leisure developer Majid Al Futtaim on the issue of its $500 million reset subordinated perpetual notes, callable after five years.

This is one of the first international hybrid bond issuances by a corporate borrower in the Gulf region.

Dubai banking and finance partner Matthew Escritt led the Norton Rose Fulbright team, with support from of counsel Ferzana Haq.

Goldman Sachs International and HSBC acted as structuring advisers on the deal, and were also joint lead managers alongside the Bank of America Merrill Lynch, Emirates NBD Capital Ltd, J.P. Morgan and Standard Chartered Bank.

Allen & Overy advised the joint lead managers, as well as BNY Mellon Corporate Trustee Services Ltd (as the delegate) on English law matters.

Maples and Calder advised Majid Al Futtaim on Cayman Islands law.

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