Dechert Advises Bahrain on its US$2 Billion Dual-Tranche Bond and Sukuk Issuance

Dechert LLP acted as English and U.S. counsel to the Kingdom of Bahrain, acting through the Ministry of Finance and National Economy, in connection with: (i) the issuance of its US$1 billion 7.750% Notes due 2035 under its Global Medium Term Note Programme; and (ii) the issuance of US$1 billion trust certificates due 2030 under CBB International Sukuk Programme Company W.L.L.’s Trust Certificate Programme.

The issuances, which closed on 18 April 2023, reinforce Dechert’s role as a leading advisor to sovereign issuers across the Middle East and North Africa.

London-based partners, Patrick Lyons and Jennifer Rees, led the team advising the Kingdom of Bahrain, with support from associate Amy Rees. The transaction follows Dechert’s successful completion of a US$1.75 billion dual-tranche offering for the Kingdom of Morocco in March 2023 and a US$1.25 billion offering for the Hashemite Kingdom of Jordan in April 2023. Dechert has advised the Kingdom of Bahrain on all of its international capital markets issuances since September 2017.

Dechert’s international capital markets team based in Dubai, Hong Kong, London, Paris, Singapore and the United States has a strong track record advising on innovative capital markets transactions in the emerging markets and is a market-leading practice in the representation of sovereigns and state-owned enterprises.

About Dechert

Dechert is a leading global law firm with 21 offices around the world. The firm advises 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.