In brief

• Norton Rose Fulbright advised the Government of Hong Kong on its inaugural Sukuk. The Sukuk, with an issuance size of USD1 billion and a tenor of five years, marks the world’s first USD denominated Sukuk originated by an AAA-rated government.
• Allen & Overy has advised HSBC and Standard Chartered Bank as joint global coordinators along with several other bookrunners and co-managers on the first Islamic bond issuance of USD1 billion by Hong Kong. Ken and Yvonne led the structuring of the sukuk assisted by associates Louise Hennessey, Jacqueline Chan and Monsicha Pongrujikorn. Ken and Hong Kong based partner Alexander Stathopoulos advised on US law aspects supported by Vivian Chow. Hong Kong partner Matthew Hebburn represented DB Trustees (Hong Kong) Limited as delegate in, supported by Dubai based senior associate, Chris Angus.
• Linklaters and Freshfields Bruckhaus Deringer took the key roles on Singaporean sovereign wealth fund GIC’s acquisition of a stake in RAC. RAC’s current private equity house owner, Carlyle, is set to sell almost half of its shares in the roadside assistance group to the Singaporean fund. The deal will give both parties joint control over the business. The legal team was led by private equity partner Alex Woodward and corporate partner Charlie Jacobs and supported by private equity partner Stuart Boyd, antitrust partner Nicole Kar, corporate partner John Lane, and managing associates James Wootton and Chris Boycott.