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Norton Rose Fulbright

Farmida Bi

Work 44 20 7444 5842
Norton Rose Fulbright

Work Department

Islamic Finance; Capital Markets; Banking and Finance


London: Finance

Debt capital markets

Within: Leading individuals

Farmida Bi - Norton Rose Fulbright

Within: Debt capital markets

'The service is excellent and the team very strong', says a client of Norton Rose Fulbright, adding that the practice has 'strong leadership and extremely high competence'. Consultant¬†Andrew Carmichael, who joined from¬†Linklaters LLP¬†in late 2017, leads the DCM practice in London, which is seen as a leading player in the¬†emerging markets debt space, as well as having a strong practice for sovereign debt, project bonds and debt restructuring. Its work in Africa included advising¬†South African mobile operator Cell C on cross-border debt capital markets, bank finance and equity restructuring to reduce its net financial debt, which entailed¬†the issue of two secured bonds. The key partner on that deal was¬†Peter Young, who is 'a down-to-earth guy with strong knowledge and great availability; it is a real pleasure working with him'. One client remarks that 'his professionalism and manners are simply impeccable'.¬†Farmida Bi¬†is another leading light in the practice and she handled an innovative deal for the¬†International Committee Of The Red Cross, which issued an ‚ā¨18m humanitarian impact bond to raise money from social investors. Her work on sovereign debt deals included advising the Islamic Republic of Pakistan on¬†its combined $2.5bn sukuk and Eurobond issuance. The Canada desk is another highlight of the London practice and¬†Peter Noble¬†is the lead partner. He acted for¬†Bank of Nova Scotia and Scotiabank Europe in the renewal of their $20bn EMTN programme.¬†US partner¬†Nikolai Mikhailov, of counsel Jacqueline Heng¬†and senior associate¬†Andrew Coote¬†are also recommended.

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Islamic finance

Within: Leading individuals

Farmida Bi - Norton Rose Fulbright

Within: Islamic finance

Davide Barzilai and Farmida Bi head the London team at Norton Rose Fulbright, which count a number of national governments as clients. Recent highlights include the London, Dubai and New York offices acting as structuring and documentation counsel in advising Al Rayan Bank Plc on a £250m shari'ah-compliant securitisation of home purchase plans. The transaction is the first shariah-compliant public securitisation in the UK and the first public securitisation in the UK to be issued under the UK’s alternative finance arrangements regime, designed to facilitate shari'ah-compliant securitisations. The Singapore, London and Hong Kong offices also advised the Republic of Indonesia on its pioneering move as the first Asian country to sell "green" wakala-structured sukuk internationally in a $1.25bn deal. The London office also advised the Islamic Republic of Pakistan on its $2.5bn combined sukuk and Eurobond issuance, the largest simultaneous multiple tranche transaction by Pakistan. Dubai-based Mohammed Paracha is another key contact. Senior associates Mark Brighouse and Andrew Coote are also key contacts in the London office.

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Within: Securitisation

Norton Rose Fulbright's principal area of focus is UK and international RMBS transactions, in the form of securitisations and covered bonds, on which it advises¬†issuers, cash managers and trustees. The firm's strong Islamic finance practices sees it handle innovative¬†shari'ah-compliant structures, and it is also a key player in the emerging fintech space . The latter is exemplified by its work for AIG Europe on the establishment of a ¬£200m trade receivables purchase facility, through which the purchase and settlement of the trade receivables is facilitated using a blockchain platform.¬†David Shearer, who is co-head of the practice along with securitisation and structured bond specialist¬†Sandrine Sauvel, led that transaction.¬†Shearer and senior associate Mirella Hart, who has¬†extensive experience advising investment banks, private equity houses and corporate clients on a broad range of structured finance transactions, including securitisations, 'work together as an excellent team and are focused on executing deals in a commercial manner'.¬†Sauvel's highlights included acting for Piraeus Bank in issuance under its ‚ā¨10bn covered bonds programme.¬†Farmida Bi, who handled the ¬£300m¬†inaugural public securitisation of insurance credit premia by Premium Credit on behalf of HSBC, is also a key player in the practice.

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