Norton Rose, Lovells work on Bahrain sukuk
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Lovells and Norton Rose have won lead roles advising the Government of Bahrain on the creation and listing of a $750m (£457.96m) sovereign sukuk.
Norton Rose Dubai partner Karl Rogers advised Bahrain. The sovereign bond will list on the London Stock Exchange.
The firm has a longstanding relationship with the Bahrain government, advising on its sukuk issuances in 2004 and 2008.
Norton Rose senior associate Razwan Kanji said: “This transaction is key in that it sets a benchmark for pricing purposes for corporates from the region to consider tapping into the debt capital markets.
A couple of sovereigns from the Gulf Cooperation Council have also done this successfully, which goes a long way in instilling confidence in such securities globally and particularly from the region.”
Lovells advised lead managers Calyon, Deutsche Bank and HSBC. Global head of Islamic finance Rahail Ali led the team on the deal. Lovells also advised the banks on the 2008 sukuk.
The Middle East has been a focus for Lovells for some time. Earlier this year the firm relocated London corporate partner Nick Parden to the Dubai office.
