Dechert Corporate Team Continues to Lead the Way in MENA Region Sovereign Bond Transactions

Dechert LLP advised the Arab Republic of Egypt in connection with a dual-tranche €2 billion Eurobond issuance under its US$30 billion Global Medium Term Note Programme. The issuance consisted of the €750 million 4.750% Notes due in 2025 and €1.25 billion 6.375% Notes due in 2031. The Eurobonds were issued on 11 April 2019 and follows Egypt’s US$4 billion multi-trance issuance in February 2019 and €2 billion dual-tranche issuance in 2018, on which Dechert also advised. Dechert also represented Egypt on the establishment of its GMTN programme in 2015, advising on all its Eurobond issuances since. 

Egypt was advised by a London-based corporate team consisting of partner Patrick Lyons and associates Jennifer Rees and Amy Rees. 

This transaction follows Dechert’s recent representation of the Managers and Dealer Managers on the issuance of US$1 billion Trust Certificates by Sharjah Sukuk Programme Limited (an SPV incorporated in the Cayman Islands by the Government of the Emirate of Sharjah, acting through the Sharjah Finance Department) and the simultaneous completion of a tender and switch offer regarding the US$500 million Trust Certificates due in 2021 issued by Sharjah Sukuk 2 Limited.

The Managers and Dealer Managers were advised by a London-based corporate team led by partner Patrick Lyons and associates Jennifer Rees and Amy Rees. Giles Belsey and Chelsea Fish also advised the delegate in connection with the certificates issuance.

Partner Patrick Lyons commented: “Since 2015, the Dechert international capital markets team has advised on several dozen sovereign bond offerings and liability management transactions in the MENA region amounting to over US$60 billion. We are pleased to continue to add to our unmatched track record in the MENA region.”

Dechert has a strong track record advising on innovative capital markets transactions in the emerging markets, establishing a leading practice advising on sovereign bond transactions from the Middle East and North Africa region. Dechert has been recognized by Cbonds as a Leading Issuer and Arranger Legal Advisor for Emerging Market International Bonds.

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Dechert is a leading global law firm with 27 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.