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CONSTRUCTION NEWS

Saudi Real Estate Refinance Company issues SR3.5bn sukuk

May 30, 2023 4:26 PM

The Saudi Real Estate Refinance Company (SRC) said it has successfully completed its latest sukuk issuance of SR3.5 billion. This is its sixth tranche under its upsized Saudi-Riyal-denominated 20 billion...

The Saudi Real Estate Refinance Company (SRC) said it has successfully completed its latest sukuk issuance of SR3.5 billion. This is its sixth tranche under its upsized Saudi-Riyal-denominated 20 billion sukuk programme, guaranteed by Saudi Ministry of Finance.
 
A unit of Saudi sovereign wealth fund PIF (Public Investment Fund), the SRC stated that the latest tranche issued demonstrates strong investor confidence in SRC and the kingdom's economy. This issuance will enable SRC to keep mortgage rates at low levels, it stated.
 
SRC recently obtained an A- (stable) credit rating from S&P Global and was upgraded by Fitch earlier this year to A+ (stable), while Moody’s Ratings upgraded its outlook on SRC to “Positive”.
 
CEO Fabrice Susini said: "The positive response from investors to its latest sukuk issuance is a clear testament to the strength of the kingdom's housing market and economy."
 
"As SRC continues to refinance existing financings for financiers, we are proud to contribute to the development of a robust secondary home financing market that supports the efficiency and stability of the primary housing market," noted Susini. 
 
"This funding will enable us to continue increasing market liquidity and supporting originators and financiers, ultimately promoting stability in the Saudi mortgage market and accelerating homeownership growth in the kingdom," he added.
 
Alrajhi Capital and HSBC Saudi Arabia acted as joint lead co-ordinators on the latest offering, while the joint lead managers are Aljazira Capital, Al Rajhi Capital, HSBC Saudi Arabia, Riyad Capital, and Alinma Investment Company.-TradeArabia News Service

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