Clifford Chance LLP and Al-Jadaan and Partners have advised HSBC Saudi Arabia Limited on the issuance by SBG Sukuk Limited of its third short-term sukuk, guaranteed by Saudi Binladin Group Limited.
Following last year’s success, Saudi Binladin Group Limited’s third short-term SR1 billion guaranteed sukuk has again attracted a high level of demand. The sukuk has a maturity of 364 days and pays a profit rate of 2.5 per cent per annum.
HSBC Saudi Arabia acted as the sole Lead Manager and Bookrunner for the transaction and also acted as Payments Administrator and Sukukholders’ Agent. HSBC Amanah acted as the Shariah Advisor. The Saudi British Bank (SABB) acted as the Security Agent in respect of the security structure, which is regulated by an intercreditor arrangement.
The Clifford Chance team was led by partner Stuart Ure, supported by associate Pavandeep Gill and trainee Brendon Tan. The Al-Jadaan team was led by Mohammed Al-Jadaan, supported by Mansoor Alhagbani.
Baker & McKenzie Limited acted as legal adviser to Saudi Binladin Group Limited whilst Walkers acted as legal adviser to SBG Sukuk Limited.