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Monday, November 9 - 2009

Clifford Chance advises the joint lead managers on the Dhs3.75bn sukuk al-ijara issuance for Aldar Properties

  • United Arab Emirates: Wednesday, June 18 - 2008 at 08:02
  • PRESS RELEASE

Clifford Chance LLP has advised Abu Dhabi Commercial Bank PJSC, Barclays Bank PLC, Credit Suisse Securities (Europe) Limited, Dubai Islamic Bank PJSC, First Gulf Bank PJSC, Lehman Brothers International (Europe), National Bank of Abu Dhabi PJSC and Noor Islamic Bank PJSC as joint lead managers of the issuance of Dhs3.75bn sukuk trust certificates due 2013.

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The sukuk trust certificates have been issued by Sukuk Funding (No. 2) Limited, a special purpose vehicle located in Jersey, the Channel Islands. The sukuk trust certificates have been rated A- by Standard & Poor's and A3 by Moody's.

Debashis Dey, Capital Markets Partner at the Dubai office comments: "The involvement of eight international and local banks on this transaction demonstrates the continued appeal of cross border capital markets and Shari'a compliant financing which we believe fits well with the strengths of Clifford Chance."

Qudeer Latif, Islamic Finance Partner based in Dubai comments: "We are very pleased to have had the opportunity to work with the banks on the structuring and execution of this transaction, in particular the Dubai Islamic Bank's Shari'a Board, with whom we continue to strengthen our relationship."

The Clifford Chance team comprised of Debashis Dey, Qudeer Latif, Ursula Gil, Amar Meher, Bilal Ahmad and Safira Nierojewski. Bedell Cristin provided Jersey law advice. The London office of Allen & Overy acted for Aldar Properties PJSC. The Delegate, Citigroup Trustee Company Limited, was advised by Esther Cavett, Claudio Medeossi and Paul Regan of the London office of Clifford Chance. Tax and stamp-duty advice was provided by Helen Smyth and Verity Pride who are also based in Clifford Chance's London office.
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Notes and media contacts

1. Clifford Chance is one of the world's leading law firms, helping clients achieve their goals by combining the highest global standards with local expertise. The firm has unrivalled scale and depth of legal resources across the key markets of the Middle East, Americas, Asia and Europe and focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax; pensions and employment; litigation and dispute resolution. Clifford Chance has 28 offices in 21 countries and 3,800 legal advisers.

2. The capital markets practice comprises over 422 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres.

The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.

Consistently ranked as the 'best legal practice for securitisation' by key commentators, the Clifford Chance International Securitisation Group is at the forefront of the securitisation markets across the world. The Group advises most of the leading market participants and provides an in-depth knowledge of complex issues relating to the securitisation of a broad spectrum of assets.

Our clients include issuers, originators, arrangers, managers, investors and other finance providers, trustees, rating agencies, monoline insurers and swap counterparties from a variety off industries including energy, transport, infrastructure projects, and real estate.

3. Clifford Chance's 75-lawyer Dubai office is fully integrated into the firm's worldwide network of offices and has a market leading finance practice in the Middle East. The firm celebrated its 30th anniversary in the United Arab Emirates in 2005, having opened its first office in the region in Sharjah in 1975.

For further information about this release contact Debashis Dey, Head of Capital Markets and Structured Finance, Gulf Region on +971 4 3620624 or Qudeer Latif, Head of Islamic Finance on +971 4 362 0675 or Melanie Carruthers, Business Development Manager on +971 4 362 0623.

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