IslamicFinance.de

Guidance Capital Markets announced it closed a three year Sukuk issuance for the Saudi Arabian conglomerate Al Bayan. The USD denominated Sukuk was issued last week through a private placement with three GCC banks, and was led by Guidance, who also acted as financial advisor to Al Bayan. The issuance is one of the first transactions of its kind, where a private conglomerate in KSA closed a USD dollar Sukuk through a private placement.

Al Bayan Holding became the first Saudi Arabian company to issue an Islamic bond in Malaysian ringgit by issuing 200 million ringgit ($65.4 million) as the first tranche of a newly established 1 billion ringgit programme. Pricing details were not immediately available. Al Bayan issued the sukuk as a wakala. HSBC Holdings' Islamic unit in Malaysia, Hong Leong Islamic Bank, and Kenanga Investment Bank Bhd acted as joint lead managers on the deal, while Abu Dhabi's Al Hilal Bank was manager in the United Arab Emirates.