Dechert LLP's international capital markets team has been honored twice for its work on corporate and sovereign-issued sukuk in GFC Media Group's Bonds, Loans & Sukuk Middle East Awards 2024. The awards program was established to celebrate the most high-profile transactions in the Middle Eastern and Islamic capital markets.

In the "Global Corporate Sukuk Deal of the Year" category, a Dechert matter - Energy Development Oman (EDO)'s US$1 billion sukuk, issued September 2023 - was named winner. A cross-border Dechert team led by London-based partner Patrick Lyons and Dubai-based counsel Rafe Khokhar advised the joint lead managers on the establishment of a trust certificate program for EDO and on the issuance of US$1 billion trust certificates under the program. Dechert's Dubai and London teams worked closely with the Dealers and Joint Lead Managers, alongside MAQ Legal as Omani counsel, to advise on the Islamic finance elements, which involved a number of novel provisions. The transaction was earlier named "Hybrid Deal of the Year" by Islamic Finance News.

The Dechert team was also honored in the "Global Sovereign Sukuk Deal of the Year" category, where the Kingdom of Bahrain's US$1 billion sukuk, issued March 2024, was named winner. Dechert acted as English and U.S. counsel to the Kingdom of Bahrain, acting through the Ministry of Finance and National Economy, on the issuance of US$1 billion Trust Certificates due 2031, part of a US$2 billion dual-tranche bond-and-sukuk transaction. The Dechert team advising Bahrain included partners Patrick Lyons and Jennifer Rees, counsel Rafe Khokhar and associate Kerenza Kerslake. Dechert has advised Bahrain on all of its capital markets issuances since 2017.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital - from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.