Dechert Advises Bahrain and Egypt on US$2 Billion and US$5 Billion Issuances

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

In the first transaction, Dechert advised the Kingdom of Bahrain, acting through the Ministry of Finance and National Economy in connection with the update of its Global Medium Term Note Programme and its Trust Certificate Programme and (i) the US$1 billion 7.375% Notes due 2030 under the GMTN Programme and (ii) the US$1 billion Trust Certificates due 2024 under the Trust Certificate Programme. The offering was four times oversubscribed and marked the first successful debt issuance by a sub-investment grade sovereign since the COVID-19 pandemic disrupted global markets.

In the second transaction, Dechert advised the Arab Republic of Egypt in connection with the update of its US$30 billion Global Medium Term Note Programme, and a US$5 billion triple tranche Eurobond offering consisting of: (i) the US$1,250,000,000 5.75% Notes due 2024; (ii) the US$1,750,000,000 7.625% Notes due 2032; and (iii) the US$2,000,000,000 8.875% Notes due 2050 thereunder. The transaction marked Egypt’s largest-ever issuance in the international capital markets and was more than four times oversubscribed, with total bids of US$22 billion, reflecting the extent of investor appetite in a recovery from the coronavirus crisis.

Bahrain and Egypt were advised by Dechert’s international capital markets team consisting of partner Patrick Lyons, of counsel Camille Abousleiman and associates Nick Quarrie and Amy Rees. “ These groundbreaking transactions have played a significant role in the reopening of the international capital markets, and Dechert is proud to have played an important role in these transactions with our long-standing clients,” said Patrick Lyons.

Dechert’s international capital markets team has a strong track record advising on complex, innovative capital markets transactions in the emerging markets, and is a leading practice in the representation of sovereigns from the MENA region.

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 all clients.