Baker & McKenzie has advised Banque Saudi Fransi (BSF) on a $2bn (£1.3bn) deal which marks the first-ever London-listed sukuk programme by a Saudi bank.

The Islamic finance deal also handed roles to magic circle firm Allen & Overy (A&O), advising opposite Bakers, and offshore firm Maples & Calder.

Bakers advised BSF on the deal, having previously worked with the Saudi bank on a range of Middle East financing programmes. The team was jointly led by Riyadh capital markets partner Karim Nassar, Bahrain capital markets partner Bilal Kahlon and London structured capital markets partner Simon Porter.

A&O advised the arrangers on the transaction – Citi, Credit Agricole and Deutsche Bank – fielding a team led by Dubai Islamic finance partner Anzal Mohammed, which also included lawyers from A&O's Saudi practice. Maples advised the issuer, a Cayman-based special purpose vehicle called BSF Sukuk Limited.

The programme will see BSF raise up to $2bn on the London Stock Exchange (LSE), with the bank initially planning to raise $750m (£479m).

The listing comes as Saudi Arabian sukuks – Islamic law-compliant bond instruments –  have become increasingly attractive to international investors.

Porter commented: "This sukuk is one of the first to be issued in Saudi and listed internationally, and the first by a Saudi bank on the LSE. It's a type of bond issue suitable to Middle Eastern clients, approved by the bank's Sharia scholars, and increasingly attractive to Western investors."