BUSINESS

Saudi Binladin Group Completes $267 Mln Sukuk Issue - Adviser

Sunday, Aug 12, 2012(This story was originally published Thursday.)RIYADH (Zawya Dow Jones)--Saudi Arabia's Binladin Group has issued short-term Islamic bonds, or sukuk, worth 1 billion Saudi riyals ($267 million), according to an adviser involved in the transaction.The sukuk has a 364-day maturity and carries an annual profit rate of 2.5%, Clifford Chance, legal adviser to the arranging bank, sai

Zawya Dow Jones News

August 12, 2012

Sunday, Aug 12, 2012

(This story was originally published Thursday.)

RIYADH (Zawya Dow Jones)--Saudi Arabia's Binladin Group has issued short-term Islamic bonds, or sukuk, worth 1 billion Saudi riyals ($267 million), according to an adviser involved in the transaction.

The sukuk has a 364-day maturity and carries an annual profit rate of 2.5%, Clifford Chance, legal adviser to the arranging bank, said in an emailed statement.

This is the company's third short-term guaranteed sukuk of the same amount and again attracted a high level of demand, the statement added.

HSBC Saudi Arabia was the sole lead manager and bookrunner for the transaction.

-By Ellen Knickmeyer, Dow Jones Newswires, +971 55 1093359, ellen.knickmeyer@dowjones.com; Twitter: @ZDJnews