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Saudi Real Estate Refinance Company (SRC), wholly owned by the kingdom’s Public Investment Fund (PIF), has mandated a group of banks for a Reg S senior unsecured US dollar-denominated dual-tranche sukuk offering.
The potential issuance will comprise 5.5-year and 10-year tranches under SRC Sukuk Limited's Trust Certificate Issuance Programme and is subject to market conditions.
HSBC and J.P. Morgan have been appointed as joint global coordinators. The banks will also serve as joint lead managers and bookrunners alongside DBS Bank, The Islamic Corporation for the Development of the Private Sector, KFH Capital, KIB Invest, Mizuho, Al Salam Bank and Standard Chartered Bank.
A series of fixed-income investor meetings are scheduled to begin on July 6, 2026.
The certificates will carry a guarantee by the Saudi Government, acting through its Ministry of Finance, and are expected to be rated Aa3 by Moody's and A+ by Fitch.
SRC, Saudi Arabia's primary housing refinancing provider, is rated A1 with a stable outlook by Moody's, A with a stable outlook by S&P Global Ratings, and A+ with a stable outlook by Fitch Ratings.
(Writing by Brinda Darasha; Editing by Mily Chakrabarty)
