HSBC Bank Middle East Limited ("HBME")

Ben Robins, Rani Khiani and Veronica Strande advised in relation to HSBC’s participation in a US$5,000,000,000 Trust Certificate Issuance Programme involving the repackaging of Sukuk assets.

The new programme involves the issuance of trust certificates by a Cayman company, HBME Sukuk Company Limited, the proceeds of which are used to acquire a variety of Shariah-compliant assets originated by HBME.

Application has been made for the trust certificates to be admitted to the official list of the UK Listing Authority, to the London Stock Exchange’s Gilt Edged and Fixed Interest Market and to the official list of the primary exchange of the Dubai International Financial Exchange. The Mourant du Feu & Jeune team worked alongside a Clifford Chance English and Dubai counsel team lead by partner Andrew Coats.

At the same time, the same teams advised HBME in relation to the update and increase in size (from US$3,000,000,000 to US$7,000,000,000) of HBME’s existing Debt Issuance Programme.

December 2007