Rafe Khokhar is a counsel in Dechert’s corporate and securities group. Mr. Khokhar’s practice focuses on capital markets transactions in the emerging markets. He regularly advises sovereigns, corporates and financial institutions on bond issuances, Islamic sukuk financings, liability management exercises and bank regulatory capital issues.

Mr. Khokhar has extensive experience representing both underwriters and issuers with respect to securities issued in accordance with Regulation-S and Rule 144A of the U.S. Securities Act of 1933. He also works closely with major international stock exchanges and has led on security listings on the London Stock Exchange, the Irish Stock Exchange, the Luxembourg Stock Exchange, the Taipei Stock Exchange, Nasdaq Dubai and the Abu Dhabi Global Market (ADGM).

Mr. Khokhar has advised on some of the largest and most complex transactions in the emerging markets, including on multiple debut bond issuances by sovereigns and government-related entities, merger-related liability management exercises, and ESG-linked instruments. Several transactions on which Mr. Khokhar advised have been nominated for, and won, IFLR1000’s “Debt and Equity-linked Deal of the Year” and IFN’s “Deal of the Year.”

In addition, Mr. Khokhar has also advised on novel digital capital markets transactions, including the world’s first sukuk financing utilizing blockchain technology.

Mr. Khokhar is recognized as a “Rising Star” in each of the IFLR1000 2018, 2019, 2020 and 2021 editions and ranked as a “Notable Practitioner” in the IFLR1000 2022 edition.

Prior to joining Dechert, Mr. Khokhar was based in the London and Dubai offices of a Magic Circle law firm.

Key Matters

  • The Federal Government of the United Arab Emirates on the establishment of its GMTN Programme and issue of US$4bn across three tranches, including a Formosa tranche of US$2bn listed on the London Stock Exchange, the Taipei Stock Exchange and the Abu Dhabi Global Market.
  • The Government of the Emirate of Sharjah on the establishment of its (i) Regulation-S / Rule 144A GMTN Programme; and (ii) Trust Certificate Issuance Programme and issuances thereunder.
  • The Sultanate of Oman on the establishment of its (i) Regulation-S / Rule 144A GMTN Programme; and (ii) Trust Certificate Issuance Programme and issuances thereunder.
  • The State of Kuwait on the establishment of its Regulation-S / Rule 144A GMTN Programme and issuances thereunder.
  • The arrangers and joint lead managers in connection with Mubadala’s Regulation-S / Rule 144A GMTN Programme and issuances thereunder.
  • The arrangers and joint lead managers in connection with Arab Petroleum Investment Corporation (APICORP) Regulation-S / Rule 144A GMTN Programme and Trust Certificate Issuance Programme.
  • The arrangers and joint lead managers in connection with Saudi Basic Industries Corporation (SABIC) debut bond issuances.
  • The joint lead managers in connection with the Republic of Turkey’s Sukuk-al-Ijara issuances.
  • The dealer managers in connection with the merger-related consent solicitation exercise for First Abu Dhabi Bank.
  • The dealer managers in connection with a merger-related exchange offer exercise for an Abu Dhabi Government-related entity.

Includes matters handled at Dechert or prior to joining the firm.

    • The Kingdom of Bahrain in connection with its: (i) U.S.$1 billion 7.5% Notes due 2036 under its Global Medium Term Note Programme; and (ii) U.S.$1 billion Trust Certificates due 2031.
    • The Dealers and Joint Lead Managers in connection with Energy Development Oman SAOG’s (a) establishment of (i) a Trust Certificate Issuance Programme; (ii) a Global Medium Term Note Programme; and (b) the issuance of US$1bn Trust Certificates in accordance with Regulation-S/Rule 144A thereunder.
    • The joint lead managers in connection with Aldar Properties PJSC’s Sukuk-al-Ijara issuances.
    • Kuwait Investment Authority on the structuring and underwriting of the debut issuance by the State of Kuwait.
    • The arrangers and joint lead managers in connection with the Government of Ras Al Khaimah’s establishment of its Trust Certificate Issuance Programme and issuances thereunder.
    • DP World plc on its Regulation-S / Rule 144A GMTN Programme and issuances thereunder.
    • The joint lead managers in connection with the Republic of Namibia’s Regulation-S / Rule 144A debut issuance.
    • The joint lead managers in connection with the Republic of Zambia’s Regulation-S / Rule 144A debut issuance.
    • The joint lead managers in connection with the Kingdom of Denmark’s Regulation-S / Rule 144A debt issuance programme and drawdowns thereunder.
    • The joint lead managers in connection with the Kingdom of Sweden’s debt issuance programme and drawdowns thereunder.
    • The Republic of Croatia in connection with the establishment of its Regulation-S / Rule 144A GMTN Programme and issuances thereunder.
    • The dealers and joint lead managers in connection with the Czech Republic’s Regulation-S / Rule 144A GMTN Programme establishment and issuances thereunder.
    • The lead managers in connection with the Republic of Latvia’s Regulation-S / Rule 144A issuances.
    • The Republic of Bulgaria on the establishment of an MTN Programme and issuances thereunder.
    • The joint lead managers in connection with the Republic of Montenegro’s debt issuances.
    • The joint lead managers in connection with the Republic of Slovenia’s Regulation-S / Rule 144A issuances.
    • The joint lead managers in connection with the Ministry of Finance of Ukraine’s Regulation S / Rule 144A issuances.
    • The dealer managers in connection with a merger-related consent solicitation exercise for Union National Bank.
    • Dubai Government-related entity with respect to a tender offer for outstanding bonds.
    • Abu Dhabi Commercial Bank on its Regulation-S / Rule 144A GMTN Programme and issuances thereunder.
    • First Abu Dhabi Bank on its Regulation-S / Rule 144A GMTN Programme and its Trust Certificate Issuance Programme and issuances thereunder.
    • Mashreqbank psc on its MTN Programme and issuances thereunder.
    • Commercial Bank of Qatar on the establishment of its MTN Programme and issuances thereunder.
    • Ahli Bank Qatar on the establishment of its MTN Programme and issuances thereunder.
    • Al Khalij Commercial Bank (Qatar) on the establishment of its MTN Programme and issuances thereunder.
    • Masraf Al Rayan on the establishment of its Trust Certificate Issuance Programme and issuances thereunder.
    • The dealers and joint lead managers in connection with Qatar Islamic Bank’s Trust Certificate Issuance Programme.
    • The dealers and joint lead managers in connection with the National Bank of Oman’s MTN Programme establishment and issuances thereunder.
    • The dealers and joint lead managers in connection with the National Bank of Kuwait’s establishment of a Regulation-S / Rule 144A Programme and issuances thereunder.

    Includes matters handled at Dechert or prior to joining the firm.

    • Law For All – seconded for three months to Law For All, a legal charity based in East Acton in London, advising on housing, employment and family matters.
    • Notable Practitioner – IFLR1000