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Dechert LLP’s international capital markets team was honored when the Arab Republic of Egypt’s US$750 million 5.250% Notes due 2025, the first-ever green bond for a Middle East and North Africa region sovereign, was named “ESG Deal of the Year” at GFC Media Group’s Bonds, Loans & Sukuk Middle East Awards 2021.
Dechert’s London-based international capital markets team advised Egypt’s finance ministry on the first-of-its-kind transaction. Proceeds from the October 2020 issuance will be used to finance renewable energy development and anti-pollution initiatives in Egypt’s transportation sector, both key objectives in the Arab world’s most populous nation.
The Dechert team was led by London-based partner Patrick Lyons. Other team members included associates Nick Quarrie, Amy Rees and Kerenza Kerslake.
The Dechert team has acted on a number of other notable ESG-focused issuances recently, including the first sustainability bond issued in Africa, the first green bond issued by a transport company in the Caucasus, and the first ASEAN sustainability bond by a Philippine corporate, as well as the first-ever green bond issued under both ICMA’s and ASEAN’s principles.
Dechert is a leading global law firm with 22 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.