International law firm Simmons & Simmons were at the forefront of a wave of regulatory capital issuances from the Kingdom of Saudi Arabia (KSA) last month, advising on the successful establishment of Bank Albilad’s U.S.$2 billion AT1 Certificates Issuance Programme, including the debut issuance to investors under the Programme of U.S.$650 million AT1 Certificates.
The establishment of the Programme provides Bank Albilad a platform to effect multiple regulatory capital certificate issuances to investors over time, which are structured to align with Islamic principles.
Simmons & Simmons advised the dealers and joint lead managers—Albilad Capital, Emirates NBD Capital, Goldman Sachs International, and HSBC Bank plc—whose expertise was key to the successful execution of the Programme’s first transaction.
Headquartered in Riyadh, Bank Albilad operates 107 branches across the KSA and is a leading provider of Islamic Sharia-compliant banking products and services, including retail, corporate, and investment banking solutions.
The Simmons & Simmons team was led by partner Lee Irvine and counsel Leah Weldon-Evans, with support from associate Jacqueline Chu.
Lee Irvine commented: “We’re proud to support our clients on another landmark sukuk issuance from Saudi Arabia. This transaction not only reinforces our track record in the regulatory capital space, but also underlines Simmons & Simmons’ commitment to the Kingdom, particularly as we expand our presence on the ground with the opening of our new Riyadh office.”
Commenting on the transaction, Leah Weldon-Evans added: “This transaction demonstrates Simmons & Simmons’ strong presence in the Islamic finance market and highlights our expertise in advising prominent financial institutions on complex transactions across the region. It was a pleasure to work alongside such a strong group of banks, and it’s been great to contribute to such a successful outcome for all involved.”
