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  • 27-04-21

    Saudi Real Estate Refinance Company issues USD1.07B domestic sukuk

    (MENAFN)Arab News quoted the CEO as saying that the Saudi Real Estate Refinance Company (SRC), the mortgage finance giant owned by the Kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), is considering an international bond issuance in 2021, possibly in the US.

    The SRC marked an SR4 billion (USD1.07 billion) domestic sukuk in March, formed to provide liquidity to the Kingdom’s housing market. The SRC’s current balance sheet had increased amid the end of 2019 and the end of 2020, according to CEO Fabrice Susini.

    He further declared that “We are following a strategy of diversification and access to liquidity and capital markets. We may tap the market again. At the moment, we are working on an international program because, alongside the domestic issuance, we are considering the possibility of issuing in the US market. We may go with an inaugural issuance before the end of the year.”

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