DUBAI, Aug 8 (Reuters) - Saudi Binladin Group, one of the
largest construction firms in the kingdom, has completed issuing
a 1 billion riyal ($267 million) short-term Islamic bond, or
sukuk, a statement from the arranging bank's legal advisor said
on Wednesday.
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 700 million riyal sukuk
with a nine-month tenor in July 2010, and a 1 billion riyal
one-year sukuk in July 2011.
($1 = 3.7502 Saudi riyals)
(Reporting by David French; Editing by Andrew Torchia)