SRC establishes Sukuk program

Saudi Real Estate Refinance Company (SRC) announced today that it has established an Islamic Sukuk programme

  

Riyadh, KSA:Saudi Real Estate Refinance Company (SRC) announced today that it has established an Islamic Sukuk programme allowing issuances of up to SAR 11 billion. SAR-denominated Sukuk will be issued and offered from time to time, at SRC’s discretion, through multiple issuances to investors.

HSBC Saudi Arabia has been appointed as sole arranger of the program.

SRC has mandated HSBC Saudi Arabia as sole lead manager and bookrunner to arrange investor meetings. A SAR-denominated senior sukuk issuance under SRC's sukuk programme will follow subject to market conditions.

Proceeds from the issuance will help SRC fund its business strategy to increase the liquidity in the Saudi Arabian mortgage market in compliance with its mission statement and the pursuit of its objectives.

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About Saudi Real Estate Refinance Company (SRC):

Fully owned by the Public investment fund (PIF), the Saudi Real Estate Refinance Company (SRC) was established in 2017 with the objectives of supporting the national agenda of increasing home ownership amongst Saudi citizens and promoting the development of the housing finance market in the Kingdom. SRC focuses on the refinancing and liquidity components of the Saudi housing market.

Among other things, SRC has been established to: (i) provide stability and growth in the secondary market for real estate finance in the Kingdom; (ii) provide liquidity to the secondary market and facilitate the provision of finance by real estate finance entities to customers for residential housing purposes; (iii) provide balance sheet management solutions to home finance providers; and (iv) ultimately, become an intermediary connecting the Saudi real estate sector and domestic and foreign sources of funding through mortgage backed securities issuances in the future.

SRC is licensed to operate in the secondary real estate market by the Saudi Arabian Monetary Authority (SAMA). With a world class management team drawing from international best practice, SRC is uniquely positioned to become the partner of choice for home finance providers in the Kingdom. For more information please visit: http://srco.com.sa/

This statement does not constitute or form a part of any offer or solicitation to purchase or subscribe for sukuk in any jurisdiction in which such offer or sale would be unlawful. The offering and the distribution of this communication and other information referred to herein may be restricted by law and persons into whose possession this communication or such other information comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

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