Magic Circle firms Freshfields and Linklaters, along with Bahrain-based firms Quays H Zubi and Hassan Radhi & Associates have helped the Central Bank of Bahrain (CBB) on its US$1.25bn international bond issue.
According to the CBB, the initial size of the bond offering was US$1bn but as it was six times oversubscribed, was increased to US$1.25bn to meet investor demand. The offering was marketed to investors in the US, Asia and Europe. Freshfields, which advised the CBB and the Ministry of Finance, said it was the first bond issue of its size and format.
“Given the number of markets involved, this deal was a complex transaction which was completed in record time,’ said Freshfields’ Bahrain partner Harnek Shoker. “The success of the issue also demonstrates that the Bahrain economy has been given a vote of confidence by investors worldwide.”
Shoker was assisted by Freshfields’ Riyadh managing partner Tobias Müller-Deku and the firm’s Saudi sponsor, Fares Al-Hejailan, along with London partners Sarah Murphy and Mark Trapnell. Bahraini firm Quays H Zubi acted for the Ministry of Finance as local counsel, while Linklaters and Hassan Radhi & Associates advised the joint lead managers as international and local counsel respectively.
The CBB has been a solid source of work for Bahrain-based law firms – Hassan Radhi, Trowers & Hamlins and Charles Russell have all been retained on past deals, the latter two as administrators for two troubled local banks last August.
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