U.S.$ 7.5 billion bond issuance in January 2019 from Saudi Arabia comes to market with guidance from K&A

K&A advised the Ministry of Finance of the Kingdom of Saudi Arabia on U.S.$ 7.5 billion (equivalent to SAR 28.12 billion) global bond issuance under its Global Medium-Term Note Program. This issuance has received significant interest from investors worldwide, with the order book peaking at U.S.$ 27.5 billion (equivalent to SAR 103.12 billion).

The issuance consisted of two tranches of global notes as follows: U.S.$ 4,000,000,000 (equivalent to SAR 15 billion) notes due 2029, and U.S.$ 3,500,000,000 (equivalent to SAR 13.12 billion) notes due 2050.

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, Sachin Davé and associate Khalid Alyafi.

Zeyad Khoshaim commented “We are proud of the work that we are doing with the Debt Management Office of the Ministry of Finance and level of sophistication of their operation. We believe that the international market has responded accordingly.”

This announcement comes at the same time of K&A’s practice being ranked Tier 1 in Capital Markets by IFLR1000 and Band 1 in Chambers & Partners for the year 2019.