Clifford Chance LLP and Al-Jadaan & 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 SAR1,000,000,000 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.
For further information about this release contact Stuart Ure (stuart.ure@cliffordchance.com) on +971 (0)4 362 0659 or Magdalena Suder (magdalena.suder@cliffordchance.com) on +971 (0)4 362 0744.
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1. The capital markets practice comprises over 422 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres. The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.
2. Clifford Chance is one of the world's leading law firms, helping clients achieve their goals by combining the highest global standards with local expertise. The Firm has unrivalled scale and depth of legal resources across the four key markets of the Middle East, Europe, Asia and the Americas, and focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax; pensions and employment; litigation and dispute resolution. Clifford Chance has 34 offices in 24 countries with some 3,200 legal advisers.
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© Press Release 2012
