CLIFFORD CHANCE ADVISES SAUDI BINLADIN GROUP

Clifford Chance LLP and Al-Jadaan & Partners have advised HSBC Saudi Arabia LTD on the issuance by SBG Sukuk ltd of its third short-term

sukuk, guaranteed by Saudi Binladin Group ltd.

 

The sukuk, which has a 364-day tenure and was sold through the SBG Sukuk Ltd special purpose vehicle, pays a profit rate of 2.5 percent and is the third such issue from the company, a statement from Clifford Chance said.

 

HSBC Saudi Arabia acted as the sole lead manager and book runner for the transaction and also acted as payments administrator and sukukholders’ agent.

 

The Jeddah-based firm issued the sukuk, its third since 2010, on 31 July. Clifford Chance and Al Jadaan & Partners advised HSBC Saudi Arabia on the issuance of the bond, guaranteed by Saudi Binladin Group, the law firm said in a statement.

 

The team was led by partner Stuart Ure, associate Pavandeep Gill and trainee Brendon Tan.