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Tuesday, November 24 - 2009

Clifford Chance advises Standard Chartered Bank as joint lead manager on $400m trust certificate issuance for RAK government

  • United Arab Emirates: Sunday, July 26 - 2009 at 11:07
  • PRESS RELEASE

A combined team across the UAE and London offices of Clifford Chance LLP has advised Standard Chartered Bank as joint lead manager on the issuance of $400,000,000 fixed rate certificates due 2014 under the RAK Capital $2bn sukuk trust certificate programme.

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Standard Chartered Bank was joined as lead manager for the issuance by BNP Paribas, Liquidity Management House for Investment Co. K.S.C.C., and the Islamic Bank of Asia Limited, and by co-manager Doha Bank.

The sukuk trust certificates have been issued by RAK Capital, a Cayman Islands special purpose vehicle. The issuance has been rated 'A' by both Standard & Poor's and Fitch.

Debashis Dey, Head of Capital Markets for the Middle East, comments:
"This drawdown is further evidence of investors returning to the region and the strengthening of the UAE capital markets. Clifford Chance is delighted to have had the opportunity to build on its relationship with Standard Chartered Bank as the arranger for the programme and joint lead manager for the issuance under this innovative Islamic sukuk programme."


David Dunnigan, Global Practice Leader for Capital Markets based in London comments, "This transaction underlines Clifford Chance's significant cross border capital markets and Shari'a compliant financing capabilities and exemplifies the integrated service Clifford Chance is able to provide across its London and Middle East offices."

The Clifford Chance team comprised David Dunnigan, Debashis Dey, Bilal Ahmad, Eric Green, Yara Fadayel, Miranda Harrison and Rafe Khokhar. Walkers provided Cayman law advice. The Dubai office and the London offices of Allen & Overy acted for the Government of Ras Al Khaimah.
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Notes:
1. 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 of industries including energy, transport, infrastructure projects, and real estate.

2. 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 four key markets of the Americas, Asia, Europe and the Middle East, 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 30 offices in 21 countries with 3,800 legal advisers and also operates a 'best friends' arrangement with AZB & Partners in India and a co-operation agreement with Al-Jadaan & Partners Law Firm in Saudi Arabia.

3. Clifford Chance was ranked 'tier one' in more international tables than any other firm in the Chambers Global 2009 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the Firm's breadth of expertise and consistency of quality across global markets.

4. Clifford Chance was named 'Most Innovative Law Firm' in the 2008 Financial Times Innovative Lawyers Awards, an in-depth Europe-wide analysis of innovation in law firms in areas from legal expertise to client service, marketing, environment and technology.

For further information, please contact:
Melanie Carruthers
T: +971 4 362 0623
or
Debashis Dey
T: +971 4 362 0624

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