Establishment of its GMTN Programme and inaugural dual-tranche US$8 billion issuance

Kuwait – March, 2016: ASAR – Al Ruwayeh & Partners (ASAR) is pleased to have acted as Kuwait law counsel to the State of Kuwait, acting through the Ministry of Finance and represented by the Kuwait Investment Authority, on the establishment of its Global Medium Term Note (GMTN) Programme and Kuwait’s inaugural dual-tranche, US dollar-denominated international debt capital markets issuance thereunder.

The Notes were issued on 20 March 2017 and were comprised of US$3.5bn 2.75 per cent. Notes due 2022 and US$4.5bn 3.50 per cent. Notes due 2027. The Notes were offered and sold in reliance on Rule 144A and Regulation S and were admitted to trading on the Irish Stock Exchange and the London Stock Exchange. Proceeds from the issuance will be utilized for Kuwait’s expected funding needs for this fiscal year.

Citigroup Global Markets Limited, HSBC Bank plc and J.P. Morgan Securities plc acted as the arrangers and joint lead managers and Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, HSBC Bank plc, J.P. Morgan Securities plc, Standard Chartered Bank and Watani Investment Co. KSCC (NBK Capital) acted as dealers. Clifford Chance LLP advised the State of Kuwait as to English law and Unites States law.

Mr. Rob Little – Counsel at ASAR noted that: “We are delighted to have been involved in the establishment of Kuwait’s GMTN Programme and its dual-tranche inaugural issuance thereunder. We have a long and established history of acting as Kuwait law counsel in high quality debt capital market transactions, and this sovereign bond issuance is no exception.”

Mr. Ibrahim Sattout – Partner at ASAR noted that: “The successful conclusion of this most significant transaction is the result of the hard work of all parties involved, and is a testament to our firm’s capability as a leading specialist in providing legal counsel in the debt capital markets space”

Also commenting on the transaction, Mr. John Cunha – Partner at ASAR noted that: “This has been a landmark transaction in Kuwait and we are particularly happy to see that it was so well received by global investors. ASAR has a long established history of acting on precedent setting bond issuance transactions and this current transaction is no exception”

 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 bespoke, practical 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.


About ASAR – Al Ruwayeh & Partners (ASAR)

ASAR – Al Ruwayeh & Partners (“ASAR”) is Kuwait’s leading tier one corporate law firm and one of the most prominent firms operating across the GCC. ASAR provides clients with comprehensive legal support for their business activities. Together with its office in Bahrain, the firm advises a broad array of local and international businesses in both the public and private sectors. ASAR operates across an extensive list of practices that include banking and finance, capital markets, mergers and acquisitions, privatizations, corporate and commercial transactions, energy, real estate, restructuring, private equity, shipping, employment, environment, franchising, insurance, agencies and distributorships, construction, government projects, intellectual property, securities, taxation, commercial litigation and arbitration.

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