HSBC Saudi Arabia acted as the Sole Arranger on the establishment of the Sukuk programme and as a Sole Lead Coordinator, Joint Lead Manager & Bookrunner, Sukuk holders’ Agent and Payment Administrator on the SAR 4 billion dual-tenor (7 and 10 years issuances) Sukuk offering under the programme for the Saudi Real Estate Refinance Company (SRC). The issuance is part of the newly established SAR 10 billion Saudi-Riyal Sukuk programme under which Saudi Real Estate Refinance Company (SRC) has issued sovereign-guaranteed Sukuk targeting local investors, and is seen as a benchmark setting issuance for government guaranteed issuers / borrowers. Over 30% of the issuance was subscribed by a mix of asset managers, pension fund, government funds, and insurance companies.
CEO of Saudi Real Estate Refinance Co, Mr Fabrice Susini commented “Our role in sustaining a healthy housing market is further validated by the strong investor interest in our issuance which helps achieve our funding objectives. The latest sovereign-guaranteed offering, underpinned by favourable cost of funding and terms, will further provide liquidity to the Saudi housing market that helps our citizens climb the housing ladder. We are highly appreciative of the strong transaction management and distribution support provided by the Sole Arranger and Lead Coordinator, HSBC Saudi Arabia, allowing SRC to achieve its key funding objectives”
Faisal Qadri, Managing Director, Head of Debt Capital Markets & Structured Finance, HSBC Saudi Arabia stated: “This is yet another ground-breaking achievement for SRC, and stands as a testament of the confidence that local investors have in this fast emerging name which is playing a critical role in the development of the housing sector. The growing presence and importance as a catalyst in the housing sector is demonstrated by SRC’s ability to attract an investor orderbook in excess of SAR 8 billion.”
The Saudi Real Estate Refinance Company was established by the Public Investment Fund in 2017 to be the pillar of Saudi Arabia housing market by acting as a catalyst for accessible and affordable home financing solutions, and is wholly owned by the Public Investment Fund (PIF).
© Press Release 2021
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