Practice Areas - Debt Capital Markets Law Firms and Lawyers
| Deal Date: | 02-10-2014 | Practice Area: | Debt Capital Markets |
| Deal Title: | Republic of South Africa - Issuance of Ijara Sukuk | Industry: | Public Sector |
| Description: |
Clifford Chance advised BNP Paribas, Standard Bank Plc and Kuwait Finance House Investment Co. K.S.S.C. as structuring banks and joint lead managers, and Citibank N.A., London Branch as representative of sukuk holders, on the inaugural USD500 million sukuk issuance by the Republic of South Africa (the Republic).
The sukuk was issued through ZAR Sovereign Capital Fund Proprietary Limited, as trustee of The RSA Sukuk No. 1 Trust (each established in the Republic of South Africa) with a 5.75 year tenor and a fixed profit rate of 3.903% per annum. The sukuk is structured using an ijara (sale and lease back structure), whereby certain assets of the Republic are transferred to the trustee and leased back to the Republic for the term of the sukuk, such assets to be repurchased by the Republic on redemption of the sukuk.
The Clifford Chance team advising the structuring banks and the joint lead managers consisted of Stuart Ure (Partner, Capital Markets) and Rhona Byrne (Senior Associate, Capital Markets) in Dubai and John Connolly (Partner, Capital Markets) and Chris Osborne (Senior Associate, Capital Markets) in London.
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| Financial Center: | Dubai | Value: | 100.01-500.00 |
| Advised Party: | Lead Manager | Law Firm | Clifford Chance |
| Issuer Jurisdiction | South Africa | Listing Jurisdiction | UAE |
| Classification: |
Islamic Finance Islamic Finance Bonds and Sukuk Ijara: |
Lawyer | Stuart Ure |
