ASAR – Al Ruwayeh & Partners acts as Kuwait legal counsel to Joint Lead Managers on US$200 Million issuance of Tier 1 Sukuk by Ahli United Bank
Kuwait – November, 2016: ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier law firms, is pleased to have acted as Kuwait law counsel to Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, and Credit Suisse Securities (Europe) Limited (collectively, the Joint Lead Managers) in relation to the US$200 Million issuance of Tier 1 Sukuk by Ahli United Bank. ASAR advised the Joint Lead Managers on structuring considerations and on the transaction documentation relevant to the issuance. This issuance was Ahli United Bank’s maiden Basel III compliant Sukuk issuance. The issuance, which was more than three times oversubscribed, will contribute to elevating Ahli United Bank’s capital base.
Mr. Rob Little – Counsel at ASAR noted that: “We are delighted to have been involved with in Ahli United Bank’s successful Tier 1 Sukuk issuance. ASAR has a long and established history of acting as Kuwait law counsel in high quality debt capital market transactions, and this issuance of Ahli United Bank is no exception. While global and GCC markets remain under pressure, we believe that similar transactions are key to the overall stability of steady economic growth. We acknowledge the challenging environment under which banks in general are operating, and thus we are proud to have successfully represented the Joint Lead Managers in this transaction.”
Mr. John Cunha – Partner at ASAR noted that: “We are delighted to have acted on behalf of the Joint Lead Managers on Ahli United Bank’s maiden Basel III compliant Sukuk issuance. Following our recent involvement in other similar transactions, this transaction is a testament to the strength and depth of local and regional financial capital markets in a challenging environment. The successful conclusion of this transaction is the result of the hard work of the Ahli United Bank, the relevant regulators in Kuwait including the CBK and the CMA, and the Joint Lead Managers.”
With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, Bahrain, across the GCC and beyond.
The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the International Financial Law Review (IFLR), Chambers Global Guide, and the Legal 500. In 2016, ASAR was awarded with the IFLR National Law Firm of the Year Award; an award which ASAR has been delighted to receive for the 8th consecutive year.
ASAR lawyers have also received multiple awards under different categories in the Fourth Edition of ‘Best Lawyers’ in Kuwait.