Following last year's success, SBG's second short term guaranteed sukuk-al-murabaha has attracted even higher demand allowing for a longer term instrument with tighter pricing. As a result, the total number of investors in the sukuk reached 39, which sets a new record for the number of private investors in private placements in Saudi Arabia.
HSBC Saudi Arabia acted as Lead Manager and Bookrunner, Payment Administrator and Sukukholders' Agent for the transaction while HSBC Amanah acted as Shariah Advisor. The Saudi British Bank (SABB) acted as the Security Agent.
The Al Jadaan team was led by Mohammed Al Jadaan, supported by senior legal advisor Ose Asemota and legal advisor Dr Fahad Abuhimed. The Clifford Chance team was led by Debashis Dey and supported by counsel Stuart Ure, associates Beene Ndulo and Lauren Djedid and trainee Carla Lewis.
Debashis Dey comments, "The second very successful issue by SBG demonstrates the success of the short-term sukuk structure advised on by HSBC. There is a clear product need amongst the money market investors in KSA."
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Clifford Chance advises on sukuk with record number of investors for private placement in Saudi Arabia
- Saudi Arabia: Thursday, July 28 - 2011 at 10:23
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Clifford Chance and Al Jadaan & Partners have advised HSBC Saudi Arabia Limited on the issuance by Saudi Binladin Group (SBG) of its second short term sukuk, attracting more than SR3bn of orders for a SR1bn issuance. The sukuk-al-murabaha was issued by SBG Sukuk Limited and guaranteed by SBG.
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Posted by Rana MesbahThursday, July 28 - 2011 at 10:23 UAE local time (GMT+4)
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