AI Ruwayeh & Partners (Asar), a leading corporate law firm said it had acted as law counsel to Kuwait, acting through the Ministry of Finance and represented by the Kuwait Investment Authority, for the establishment of its Global Medium Term Note (GMTN) Programme and Kuwait›s inaugural dual-tranche $8-billion issuance.

One of the region’s top tier law firms, Asar said the Notes were offered and sold in reliance on Rule 144A and Regulation S and were admitted to trading on the Irish Stock Exchange and the London Stock Exchange.

According to Asar, the proceeds from the issuance will be utilised for Kuwait’s expected funding needs for this fiscal year. Citigroup Global Markets, HSBC Bank and JP Morgan Securities acted as the arrangers and joint lead managers.

Clifford Chance advised Kuwait as to English law and the US law.

Ibrahim Sattout, a partner at Asar, said: “We are delighted to have been involved in the establishment of Kuwait’s GMTN Programme and its dual-tranche inaugural issuance thereunder.”

“We have a long and established history of acting as Kuwait law counsel in high quality debt capital market transactions, and this sovereign bond issuance is no exception,” he stated.

John Cunha, a partner at Asar, dubbed it as a landmark transaction in Kuwait.

“We are particularly happy to see that it was so well received by global investors. Asar has a long established history of acting on precedent setting bond issuance transactions and this current transaction is no exception,” he observed.

With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, Asar provides clients across an extensive range of industry sectors with bespoke, practical legal advice and support for their business activities in Kuwait, Bahrain, across the GCC and beyond.

The firm has been consistently rated as the leading corporate and commercial law firm 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 been delighted to receive for the eighth consecutive year.

Meanhwile, the prominent corporate law firms in Kuwait, said it has played a major role in the Equate Group’s inaugural $2-billion Trust Certificate (sukuk) issuance programme besides its $500 million sukuk issuance.

Equate Group is a wholly-owned subsidiary of Equate Petrochemical, an international joint venture.