Hogan Lovells Advises on SAR$2 Billion Bond First for APICORP

SAUDIA ARABIA, 26 October 2010 - International legal practice Hogan Lovells and its associated Saudi law firm, Al-Yaqoub Attorneys and Legal Advisers, have acted as counsel to Credit Agricole Corporate and Investment Bank as Coordinator and Calyon Saudi Fransi Limited, GIB Financial Services L.L.C., HSBC Saudi Arabia Limited and Samba Capital and Investment Management Company Limited as joint lead managers and joint book runners on the inaugural bond offering from the Arab Petroleum Investments Corporation (APICORP). 

The team was led by Hogan Lovells' Saudi-based partner Imran Mufti who was assisted by senior associates Daniel Rankin and Roger Fankhauser and associates Mark Brighouse and Mustafa Kamal.

The bond, rated A1 by Moody's, represents the first Saudi Riyal denominated bond issuance by a multilateral development bank.

Speaking today Imran Mufti said:

"We are very happy to have worked with the joint lead managers on this debut issuance for APICORP whose success is emblematic of the confidence of investors in the region. This deal supports the strong growth we are currently experiencing in Saudi Arabian capital markets."

Hogan Lovells' capital markets team is one of the most experienced in the GCC and has extensive experience assisting clients in raising debt capital. The firm advises on the full spectrum of capital markets transactions including corporate and sovereign bonds, equity offerings, sukuks, securitizations (including CDOs and repackagings) and derivatives and structured products.

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