Dechert Continues to Demonstrate its Strength Advising on MENA Region Sovereign Bonds by Ending 2019 with a Trio of Significant Transactions and Advising on Two of Global Capital’s 2019 Emerging Markets Deals of the Year

Recognized as a leading advisor for capital markets transactions in emerging markets, as well as for sovereign debt issuances in the Middle East and North Africa (MENA), Dechert recently added to its track record and credentials with the completion of three significant sovereign transactions in the region.

In November 2019, Dechert advised the joint lead managers on the Kingdom of Morocco's issuance of its €1 billion 1.5% Notes due 2031. The issuance marked the return of Morocco to the international capital markets with its first Eurobond issuance since 2014 (on which Dechert's capital markets team also advised). The Notes are dual listed on the regulated markets of the London and Luxembourg Stock Exchanges. Patrick Lyons led the team advising the joint lead managers, with support from a London- and Paris-based team comprised of associates Jennifer Rees, Benhouda Derradji and Amy Rees.

Also in November 2019, Dechert advised Egypt in connection with a US$2 billion triple tranche issuance under its US$30 billion Global Medium Term Note Programme, comprising its US$500 million 4.5500% Notes due 2023, US$1 billion 7.0529% Notes due 2032 and US$500 million 8.1500% Notes due 2059. The issuances followed Egypt’s €2 billion dual-trance issuance in April 2019 and US$4 billion multi-tranche issuance in February 2019 on which Dechert’s London-based capital markets team also advised. Egypt was advised by a team consisting of partner Patrick Lyons and associates Jennifer Rees and Amy Rees.

These transactions followed Dechert’s representation, in October 2019, of the Managers and the Delegate in connection with the Emirate of Sharjah’s issuance of US$750 million of trust certificates due 2029 through Sharjah Sukuk Programme Limited. This followed the Emirate of Sharjah’s trust certificate issuance and simultaneous tender and switch offer in April 2019 on which Dechert’s London-based capital markets team also advised. The Managers were advised by a team comprising partner Patrick Lyons and associate Jennifer Rees, while partner Giles Belsey advised the Delegate in connection with the issuance. 

“We are thrilled to continue to play a leading role in sovereign bond issuances from the MENA region and elsewhere and to have assisted our clients in the completion of these landmark transactions,” said partner Patrick Lyons who led the teams on each of the above transactions. 

Dechert’s expertise in emerging market capital markets transactions was also highlighted in Global Capital’s 2019 emerging markets bond deals of the year, with Dechert’s international capital markets team having advised on Global Capital’s CEEMEA Sovereign Bond of the Year, Egypt’s triple-tranche issuance in November 2019, Global Capital’s CEEMEA Corporate Bond of the Year and Ukraine Railway’s U.S.$500 million bond in July 2019.

About Dechert

Dechert is a leading global law firm with 26 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.