Allen & Overy and Latham & Watkins have advised on Saudi Electric Company’s (SEC) issuance of a 30-year international sukuk worth $2.5 billion.

The issued sukuk consists of $1.5 billion certificates due 2024 and $1 billion certificates due 2044.

This is SEC’s second sukuk issue this year, after the company raised SAR4.5 billion ($1.2 billion) in Saudi Arabia in January.

SEC was advised by an Allen & Overy team led by the firm’s European Islamic finance head Atif Hanif in London, alongside London-based capital markets partners Sachin Dave and Jamie Durham and Riyadh partner Zeyad Khoshaim.

Deutsche Bank AG, HSBC and J.P. Morgan Securities acted as the joint lead managers, with Mizuho Securities Co acting as a co-manager and HSBC Corporate Trustee Co (UK) acting as the delegate.

Latham & Watkins advised the joint lead managers and the delegate. The team was led by Middle East finance partner Harjaskaran Rai with support from London capital markets partners Nomaan Raja and Lene Mathasen.

Walkers’ Dubai asset management partner Daniel Wood acted as Cayman counsel to SEC. Theresa Redmond, the firm’s Dublin-based listing services head, was involved in advising on aspects related to the listing of the sukuk certificates on the Irish Stock Exchange.