ASAR, Kuwait le­gal coun­sel to Joint Lead man­agers of AUB’s $200m sukuk is­suance

Kuwait Times - - BUSINESS -

KUWAIT: ASAR - Al-Ruwayeh & Part­ners (ASAR), Kuwait’s lead­ing and most prom­i­nent cor­po­rate law firm, and one of the re­gion’s top tier law firms, is pleased to have acted as Kuwait law coun­sel to Cit­i­group Global Markets Limited, CrÈdit Agri­cole Cor­po­rate and In­vest­ment Bank, and Credit Suisse Se­cu­ri­ties (Europe) Limited (col­lec­tively, the Joint Lead Man­agers) in re­la­tion to the $200 mil­lion is­suance of Tier 1 Sukuk by Ahli United Bank. ASAR ad­vised the Joint Lead Man­agers on struc­tur­ing con­sid­er­a­tions and on the trans­ac­tion doc­u­men­ta­tion rel­e­vant to the is­suance. This is­suance was Ahli United Bank’s maiden Basel III com­pli­ant Sukuk is­suance. The is­suance, which was more than three times over­sub­scribed, will con­trib­ute to el­e­vat­ing Ahli United Bank’s cap­i­tal base.

Rob Lit­tle - Coun­sel at ASAR noted that: “We are de­lighted to have been in­volved with in Ahli United Bank’s suc­cess­ful Tier 1 Sukuk is­suance. ASAR has a long and es­tab­lished his­tory of act­ing as Kuwait law coun­sel in high qual­ity debt cap­i­tal mar­ket trans­ac­tions, and this is­suance of Ahli United Bank is no ex­cep­tion. While global and GCC markets re­main un­der pres­sure, we be­lieve that sim­i­lar trans­ac­tions are key to the over­all sta­bil­ity of steady eco­nomic growth. We ac­knowl­edge the chal­leng­ing en­vi­ron­ment un­der which banks in gen­eral are op­er­at­ing, and thus we are proud to have suc­cess­fully rep­re­sented the Joint Lead Man­agers in this trans­ac­tion.”

John Cunha - Part­ner at ASAR noted that: “We are de­lighted to have acted on be­half of the Joint Lead Man­agers on Ahli United Bank’s maiden Basel III com­pli­ant Sukuk is­suance. Fol­low­ing our re­cent in­volve­ment in other sim­i­lar trans­ac­tions, this trans­ac­tion is a tes­ta­ment to the strength and depth of lo­cal and regional fi­nan­cial cap­i­tal markets in a chal­leng­ing en­vi­ron­ment. The suc­cess­ful con­clu­sion of this trans­ac­tion is the re­sult of the hard work of the Ahli United Bank, the rel­e­vant reg­u­la­tors in Kuwait in­clud­ing the CBK and the CMA, and the Joint Lead Man­agers.”

With ded­i­cated of­fices in Kuwait and Bahrain cou­pled with its associated of­fices and re­la­tion­ships, ASAR pro­vides clients across an ex­ten­sive range of in­dus­try sec­tors with com­pre­hen­sive le­gal ad­vice and sup­port for their busi­ness ac­tiv­i­ties in Kuwait, Bahrain, across the GCC and beyond.

The firm has been con­sis­tently rated as the lead­ing cor­po­rate and com­mer­cial law firm in Kuwait by rep­utable le­gal guides such as the In­ter­na­tional Fi­nan­cial Law Re­view (IFLR), Cham­bers Global Guide, and the Le­gal 500. In 2016, ASAR was awarded with the IFLR Na­tional Law Firm of the Year Award; an award which ASAR has been de­lighted to re­ceive for the 8th con­sec­u­tive year.

ASAR lawyers have also re­ceived mul­ti­ple awards un­der dif­fer­ent cat­e­gories in the Fourth Edi­tion of ‘Best Lawyers’ in Kuwait.

ASAR - Al Ruwayeh & Part­ners (“ASAR”) is Kuwait’s lead­ing tier one cor­po­rate law firm and one of the most prom­i­nent firms op­er­at­ing across the GCC. ASAR pro­vides clients with com­pre­hen­sive le­gal sup­port for their busi­ness ac­tiv­i­ties. To­gether with its of­fice in Bahrain, the firm ad­vises a broad ar­ray of lo­cal and in­ter­na­tional busi­nesses in both the pub­lic and pri­vate sec­tors.

ASAR op­er­ates across an ex­ten­sive list of prac­tices that in­clude bank­ing and fi­nance, cap­i­tal markets, merg­ers and ac­qui­si­tions, pri­va­ti­za­tions, cor­po­rate and com­mer­cial trans­ac­tions, en­ergy, real es­tate, re­struc­tur­ing, pri­vate equity, ship­ping, em­ploy­ment, en­vi­ron­ment, fran­chis­ing, in­sur­ance, agen­cies and dis­trib­u­tor­ships, con­struc­tion, gov­ern­ment projects, in­tel­lec­tual prop­erty, se­cu­ri­ties, tax­a­tion, com­mer­cial lit­i­ga­tion and ar­bi­tra­tion.

The firm has been con­sis­tently rated as the lead­ing cor­po­rate and com­mer­cial law firm in Kuwait by le­gal guides such as the Cham­bers Global Guide, In­ter­na­tional Fi­nan­cial Law Re­view and the Le­gal 500.

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