LONDON, 9 February 2026 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, has won Sukuk Deal of the Year at the Global Banking & Markets Awards Africa 2026, in recognition of its work advising the Arab Republic of Egypt on its landmark U.S.$1.5 billion sovereign Sukuk issuance.

The transaction was led by partners Patrick Lyons and Jennifer Rees, with senior associate Amy Rees, and marks a second GBM Awards win for Baker Botts’ London capital markets team. The team was previously recognized in 2025 with Debut SSA Bond Deal of the Year at the Global Banking & Markets Awards: CEE, Central Asia & Türkiye, for advising the Federation of Bosnia and Herzegovina on its debut Eurobond issuance.

The award follows the firm’s recognition at the Islamic Finance News’ Deal of the Year 2025 Awards, where it was named Best Deal in Oman for advising on Oman’s U.S.$1 billion sovereign Sukuk issuance. Together with the continued growth of the firm’s Islamic finance practice – including the recent addition of Faris Al Amoudi as Global Head of Islamic Finance in Riyadh – the recognitions reflect the firm’s expanding role advising on complex sovereign transactions in Islamic finance markets.

Baker Botts acted as English and U.S. counsel to the Arab Republic of Egypt on the U.S.$1.5 billion dual-tranche sovereign Sukuk, which closed on 7 October 2025. Executed under the Egyptian Financial Company for Sovereign Taskeek’s Trust Certificate Programme, the transaction marked a significant milestone in Egypt’s financing strategy and a return to the international Islamic capital markets following its previous Sukuk issuance in February 2023.

The offering comprised U.S.$700 million Trust Certificates due 2029 and U.S.$800 million Trust Certificates due 2032, under an Ijara structure. The Trust Certificates were listed on the International Securities Market of the London Stock Exchange and attracted strong global investor interest, with order books exceeding U.S.$9 billion.

Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank and HSBC acted as joint lead managers on the transaction. 

The Global Banking & Markets Awards Africa celebrate the most innovative and impactful financial transactions across the African continent, recognizing excellence in sovereign, corporate and institutional financing.

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Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.