International law firm Baker & McKenzie has advised Saudi Binladin Group, one of the kingdom’s largest construction groups, on its $267 million Islamic bond, or sukuk, issuance. It is the third short-term sukuk deal for the company.

The Baker & McKenzie team was led by Bahrain-based partner Bilal Kahlon, and supported by partner Nasser Alfaraj and associates Mohamed Hassan and Nezar Al-Abbas.

The sukuk, which has a 364-day tenor, was sold through the SBG Sukuk Ltd special purpose vehicle. Offshore law firm Walkers acted as legal adviser to the special purpose vehicle with respect to the BVI laws. The Binladin Group previously sold a 700 million riyal sukuk with a nine-month tenor in July 2010, and a one billion riyal one-year sukuk in July 2011.

HSBC Saudi Arabia was appointed as sole lead manager in relation to the transaction, and was represented by Clifford Chance.

Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter:@ALB_TheBrief.

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