Baker Botts Advises Bahrain on U.S.$2.5 Billion Dual-Tranche Sovereign Bond and Sukuk Issuance
LONDON, 16 October 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, 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 its U.S.$1,000,000,000 6.625% Notes due 2037 under its Global Medium Term Note Programme and its U.S.$1,500,000,000 Trust Certificates due 2034 under CBB International Sukuk Programme Company WLL’s Trust Certificate Programme.
The issuances closed on 6 October 2025, with the securities listed on the main market of the London Stock Exchange. The Sukuk tranche was structured as a combined ijara and murabaha.
Abu Dhabi Commercial Bank, Bank ABC, Citigroup, First Abu Dhabi Bank, GIB Capital, J.P. Morgan and Standard Chartered Bank acted as Managers on the bond issuance and Abu Dhabi Commercial Bank, Bank ABC, Citigroup, First Abu Dhabi Bank, GIB Capital, J.P. Morgan, Sharjah Islamic Bank and Standard Chartered Bank acted as Managers on the Sukuk issuance.
Baker Botts’ team included Partners Patrick Lyons and Jennifer Rees, with Senior Associate Amy Rees in London, and follows the team’s representation of Egypt on its dual-tranche U.S.$1.5 billion sovereign Sukuk issuance, which also closed in October 2025.
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