Jordanian flag, Credit: WikicommonsDechert Picks Up Another Billion Dollar Bond Mandate in Middle East
It is the latest in a string of major bond issuances which the firm has led on.
July 15, 2020 at 06:17 AM
2 minute read
Dechert is advising another Middle Eastern government on sovereign debt issuance, a month after assisting on deals for Bahrain and Egypt.
The is acting for the Hashemite Kingdom of Jordan on the issuance of its $500 million 4.95% notes due 2025 and $1.25 billion 5.85% Notes due 2030. With no oil or other major natural resources, the government of Jordan is harder-pressed than Gulf neighbours to finance its operations.
Dechert last month completed two other sovereign transactions in the region, totalling $7 billion, acting on behalf of Bahrain and Egypt. In early 2017, it helped the Egyptian government raise $8 billion in bonds through both public and private placements.
The Dechert team advising Jordan included Patrick Lyons, partner on the firm's corporate and securities team in London, of counsel Camille Abousleiman, and associates Nick Quarrie and Amy Rees.
"The Kingdom's latest transaction further demonstrates the resilience of the capital market in the MENA region in the face of the twin shocks caused by COVID-19 and the low oil price environment. Dechert [enjoys] a long-standing partnership with Jordan and [has] brought this transaction to a successful completion," said Lyons.
"Dechert's international capital markets team [advises] on complex, innovative capital markets transactions in the emerging markets and is a leading practice in the representation of sovereigns from the MENA region," the firm said in a statement.
In 2012, Dechert was part of a consortium of law firms assisting Morocco in its first debt offering after the Arab Spring.
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Mayer Brown, Dechert and Fasken advise on $1.5bn Kingdom of Morocco bond issue
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