We have acted as Cayman Islands legal counsel to the Kingdom of Saudi Arabia, acting through KSA Ijarah Sukuk Limited, on its US$3.25bn dual-tranche international sukuk issuance under the Kingdom’s Global Trust Certificate Issuance Programme.
The issuance comprised US$1.25bn of five-year sukuk maturing in 2031 and US$2bn of ten-year sukuk maturing in 2036. The transaction reportedly attracted an order book of around US$16.5bn, approximately five times the amount issued, and marks the Kingdom’s second international issuance using this Ijarah structure.
Our Dubai-based team, led by partner Ciaran Bohnacker and senior counsel Szymon Durlo, advised on all Cayman Islands law aspects of the transaction and the Cayman Islands issuer. Walkers acted alongside A&O Shearman, which acted as lead counsel to the Kingdom.
The transaction follows our role in establishing the Kingdom’s Global Trust Certificate Issuance Programme and advising on its inaugural US$5.5bn dual-tranche Ijarah sukuk issuance in 2025. That transaction was subsequently named Best Overall Deal of the Year 2025 and Ijarah Deal of the Year at the IFN Awards, as well as Sovereign Sukuk Deal of the Year at the Global Banking & Markets Middle East Awards 2026.
We continue to advise sovereign, financial institution and corporate issuers on Saudi Arabian debt capital markets transactions. Our role on several significant issuances originating from the Kingdom, reflects the continued strength and development of Saudi Arabia’s international capital markets activity.
Commenting on the transaction, Ciaran Bohnacker, Partner in Walkers’ Dubai office, said: 'We're pleased to have supported the Kingdom on its second international Ijarah issuance under the programme. Having advised on the programme's establishment and inaugural issuance in 2025, we look forward to continuing to support the Kingdom and its advisers on future international debt capital markets activity.'
Szymon Durlo, Senior Counsel in Walkers’ Dubai office, added: 'This is one of the largest and most significant international sukuk issuances in the GCC this year involving a Cayman Islands issuer. Together with PIF’s US$7bn three-tranche bond issuance earlier this year, on which we also acted as Cayman Islands counsel, it reflects both the scale of Saudi issuance and the depth and sophistication of the Kingdom’s international debt capital markets activity.'
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