ASAR - Al Ruwayeh & Partners (ASAR), Kuwait's leading and most prominent company law office, and one of the region's top tier law firm, is pleased to have actually worked as Kuwait regulation advice to Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc, KFH Capital expense Company K.S.C.C., MUFG Stocks EMEA plc, Mizuho International plc, National Bank of Abu Dhabi P.J.S.C., SMBC Nikko Capital Markets Limited, Watani Financial investment Co. K.S.C.C. (NBK Resources)( jointly, the Supervisors) in regard to facility of EQUATE Sukuk SPC Limited's (CORRESPOND SPC) US$ 2 billion Trust Certification (Sukuk) issuance Program and its inaugural US$ 500 million Sukuk issuance thereunder. CORRESPOND SPC is an entirely had subsidiary of EQUATE Petrochemical Co. K.S.C.C.( along with The Kuwait Olefins Company K.S.C.C.) (the EQUATE Group). This adhering to the EQUATE Group's initial guideline (US$ 2.25 billion) 144A/ Reg S dual-series bond worldwide financial debt resources markets using in November 2016 - in respect to which ASAR additionally acted upon behalf of the supervisors under that offering.

The Trust Certificates (Sukuk) have an Ijarah and Murabahah structure. The 7 year senior unsecured Sukuk were priced competitively at 100 percent of the concern rate with a revenue price of 175 basis factors over the 7 year mid-swap price, returning a yield-to- maturity of 3.944 per cent. The Sukuk issuance (which was over-subscribed by a variable of 7.4 and with a global order publication surpassing $3.7 billion) was well gotten by global investors (both Islamic and conventional) The issuance proceeds will certainly be made use of to refinance EQUATE Group's existing debt.

Mr. Rob Little - Counsel at ASAR kept in mind that: "We are delighted to have been entailed with both of the inaugural standard and Sukuk issuances of the EQUATE Group. ASAR has a long and established history of acting as Kuwait law guidance in high quality debt capital market purchases, and both of the recent issuances of the EQUATE Group is no exemption. We have actually previously noted that while global and GCC markets stay under some stress, our team believe that similar transactions are key to the total stability of consistent financial development. We are particularly happy in having successfully stood for the Supervisors in both issuances of the Equate Group."

Mr. John Cunha - Partner at ASAR noted that: "We are happy to have acted on behalf of the Managers in both of the inaugural conventional and Sukuk issuances of the EQUATE Group. Both of these issuances are a testament to the toughness and deepness of local and regional monetary funding markets in a difficult setting. The effective conclusion of both of these issuances is the outcome of the effort of the EQUATE Group and the Managers."

With dedicated offices in Kuwait and Bahrain paired with its associated offices and relationships, ASAR offers clients throughout a comprehensive variety of industry markets with extensive lawful advice and support for their business activities in Kuwait, Bahrain, across the GCC and beyond.

The firm has actually been constantly rated as the leading corporate and commercial law office in Kuwait by reputable legal guides such as the International Financial Law Review (IFLR), Chambers Global Guide, and the Legal 500. In 2016, ASAR was awarded with the IFLR National Law Firm of the Year Award; an award which ASAR has actually been thrilled to get for the 8th successive year.

ASAR lawyers have also received numerous awards under various groups in the 4th Version of 'Best Lawyers' in Kuwait.