Simmons & Simmons Advised On Bank Albilad’s $2 Billion AT1 Programme And Debut Drawdown
International law firm Simmons & Simmons advised on the establishment of Bank Albilad’s USD 2 billion Additional Tier 1 (AT1) Certificates Issuance Programme and the successful debut issuance of USD 650 million AT1 Certificates under the Programme.
This Programme allows Bank Albilad, a leading Islamic financial institution headquartered in Riyadh with over 100 branches across the Kingdom of Saudi Arabia (KSA), to carry out multiple issuances of Sharia-compliant regulatory capital instruments in the future. The debut drawdown marks a significant step in the bank’s capital market strategy.
Simmons & Simmons advised the dealers and joint lead managers – Albilad Capital, Emirates NBD Capital, Goldman Sachs International, and HSBC Bank plc – on this transaction.
Lee Irvine said,
“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.”
Leah Weldon-Evans said,
“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.”
The Simmons & Simmons team was led by Lee Irvine (Partner) and Leah Weldon-Evans (Counsel), with support from Jacqueline Chu (Associate).
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