CC, Links lead on record Dubai debt programme
Clifford Chance and Linklaters have advised on a $5bn (£2.55bn) debt issuance programme in Dubai - the largest such programme in the Middle East and the first to be listed exclusively on the Dubai International Financial Exchange (DIFX). CC advised Dubai Holding Commercial Operations Group on the establishment of the $5bn programme, fielding a team led by Dubai capital markets partner Debashis Dey.
February 13, 2007 at 07:18 AM
2 minute read
Clifford Chance (CC) and Linklaters have advised on a $5bn (£2.55bn) debt issuance programme in Dubai – the largest such programme in the Middle East and the first to be listed exclusively on the Dubai International Financial Exchange (DIFX).
CC advised Dubai Holding Commercial Operations Group on the establishment of the $5bn programme, fielding a team led by Dubai capital markets partner Debashis Dey.
Notes were issued in US dollars, euros and sterling by Cayman Islands-incorporated special purpose vehicle (SPV) Dubai Holding Commercial Operations.
Linklaters advised JP Morgan and HSBC as arranger and book-runner on the deal respectively. The magic circle firm fielded a team led by London capital markets partner Jane Brown, with consultant Luma Saqqaf advising from Dubai.
The Dubai office of offshore leader Maples & Calder acted for the SPV.
The programme marks the first occasion an issuer from the Gulf region has made a debut issue of notes in three currencies simultaneously.
Dey commented: "For Clifford Chance, acting for Dubai Holding was a significant instruction since the company has been integral to the economic development and success of Dubai, particularly in the real estate and hospitality and leisure sectors. The fact that this was an offering structured [for] European and Gulf investors while being listed on the DIFX… instead of a European exchange was also a novel feature of the transaction."
Brown added: "This is the largest corporate listing to date on the DIFX, which was set up in 2005. The DIFX has already listed several Sukuk [Islamic-compliant] bonds but the listing of this issue shows that it is also an excellent platform for listing conventional international debt."
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