International Capital Markets Team Takes Dual Honors for Emerging Markets Issuances

Dechert LLP’s international capital markets team has been honored twice in quick succession for excellence as a leading advisor on MENA region debt capital markets transactions.

In Islamic Finance News’ Deals of the Year Awards 2023, the US$1 billion sukuk offering by Energy Development Oman, the Sultanate of Oman’s national energy company, was recognized as winner of the “Hybrid Deal of the Year” award.

A cross-border Dechert team led by London-based partner Patrick Lyons and Dubai-based counsel Rafe Khokhar advised the joint lead managers on the establishment of a trust certificate program for Energy Development Oman (EDO) and on EDO’s debut issuance of US$1 billion trust certificates. Dechert’s Dubai and London teams worked closely with the Dealers and Joint Lead Managers, alongside MAQ Legal as Omani counsel, to advise on the Islamic finance elements, which involved a number of novel provisions.

The issuance also earned an “Honorable Mention” from Islamic Finance News in the “Sukuk Deal of the Year” category.

The firm’s international capital markets team was also honored in GFC Media Group’s Bonds, Loans & ESG Capital Markets Africa Awards when the Arab Republic of Egypt’s RMB 3.5 billion 3.51% guaranteed sustainable “Panda Bond” due 2026 was named “Sovereign, Supra & Agency Bond Deal of the Year”.

Partner Jennifer Rees led a Dechert team that served as international counsel to the Arab Republic of Egypt on the issuance, which was carried out in China’s domestic capital markets under Chinese law and denominated in Chinese Renminbi. The transaction made Egypt the first country in Africa to issue securities in the Chinese interbank market.

About Dechert 

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.