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Clifford Chance advises HM Treasury and UK Debt Management Office in relation to £500 million sukuk issuance

1 April 2021

Clifford Chance advises HM Treasury and UK Debt Management Office in relation to £500 million sukuk issuance

Leading international law firm Clifford Chance has advised the UK Government (HM Treasury and Debt Management Office) in relation to its second sukuk issuance. The £500 million five-year sukuk issuance marks the UK Government's second foray into the international Islamic finance market, having previously issued a £200 million sukuk in 2014. This is the largest GBP denominated sukuk issuance to date.

Clifford Chance's team was led by Global head of Islamic Finance partner, Qudeer Latif, who comments "We are honoured to have advised HM Treasury and the UK DMO in connection with this important issuance. The transaction raised a number of complex issues from a UK tax, real estate and capital markets perspective and thank you to the amazing wider Clifford Chance team across the Middle East and London who navigated our client throughout the process. This is an important transaction for the UK as it seeks to support both Islamic Finance in the UK and wider engagement with the Islamic economies across the world".

There was strong demand for the sukuk from a diverse group of high-quality investors from across the Middle East, Asia and the UK.

Qudeer was supported by a cross-office team comprising Chris Davies (Global Head of Tax, London), Franc Peña (Partner, London), Matt Taylor (Partner, London), Nina Buchan (Tax Director, London), Ahmed Choudhry (Counsel, Dubai), Mohsin Abbasi (Senior Associate, Dubai) and Alice Raine (Senior Associate, London).