K&A, along with its association firm A&O, advised the Ministry of Finance of the Kingdom of Saudi Arabia on its € 3 billion (equivalent to around SAR 12.6 billion) global bond issuance under its Global Medium-Term Notes Programme (GMTN). This is the first Euro issuance from Saudi Arabia, and it has received significant interest from investors worldwide, with the order book peaking at € 14.5 billion (equivalent to around SAR 16.9 billion).
The issuance consisted of two tranches of global notes: € 1,000,000,000 (equivalent to around SAR 4.2 billion) notes due 2027, and € 2,000,000,000 (equivalent to around SAR 8.4 billion) notes due 2039.
A joint team advising the issuer was led by the managing partner Zeyad Khoshaim of K&A and associate Ghadah Alotaibi. International aspects were handled by A&O and led by A&O partners Jamie Durham and Sachin Davé and associates Aditya Vikram and Khalid Alyafi.
This announcement comes at the same time of K&A’s practice being ranked Tier 1 in Capital Markets by IFLR1000, Legal 500, and Band 1 in Chambers & Partners for the year 2019.