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PIF-owned SRC issues SAR 3.5bn Sukuk

PIF-owned SRC issues SAR 3.5bn Sukuk
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Riyadh - Mubasher: The Saudi Real Estate Refinance Company (SRC), a fully owned subsidiary of the Public Investment Fund (PIF), completed its latest Sukuk issuance of SAR 3.50 billion, according to a press release.

SRC noted that the issuance marked the final two tranches in five- and seven-year dual tenors under its SAR 20 billion government-guaranteed Sukuk Programme.

CEO of SRC, Fabrice Susini, said: “The issuance witnessed interest from the institutional investor community, reinforcing the confidence in the local market and in SRC's operational framework; it also affirms SRC’s pivotal role in contributing to Vision 2030 Housing Program as well as to the Financial Sector Development Program”.

Susini added: “SRC's consistent Sukuk issuances reinforce our commitment to taking part in financial sector development in Saudi Arabia.”

The official concluded: “Through these issuances, SRC is contributing to diversifying funding for the real estate sector and to driving growth. By providing banks and real estate finance companies with liquidity, SRC enables further development in the home financing sector increasing homeownership rates among Saudi citizens”.

HSBC acted as the lead coordinator for the offering. Meanwhile, Aljazira Capital, HSBC Saudi Arabia, Alrajhi Capital, and SNB Capital were the joint lead managers. 

Earlier in 2023, SRC received high credit ratings from Fitch Ratings, S&P Global, and Moody's Investors Service.