| Saudi Binladin Group, the Kingdom’s largest construction company, has completed issuing a SR1 billion ($267 million) short-term Islamic bond, or sukuk. The sukuk, which has a 364-day tenor 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, the statement from Clifford Chance said.
HSBC’s Saudi Arabian unit was the sole bookrunner for the transaction, the statement added. Binladin Group previously sold a SR700 million sukuk with a nine-month tenor in July 2010, and a SR1 billion one-year sukuk in July 2011...............................................Full Article: Source
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