White & Case advises SRC on issuance of SAR 3.5 billion dual-tranche guaranteed sukuk

Global law firm White & Case LLP has advised Saudi Real Estate Refinance Company (SRC) on the issuance of SAR 3.5 billion dual-tranche sukuk guaranteed by the Kingdom of Saudi Arabia under its SAR 20 billion domestic sukuk programme.

The issuance was split into a SAR 2 billion sukuk series with a tenor of five years and a SAR 1.5 billion sukuk series with a tenor of seven years, and was offered as a private placement to Saudi institutional and qualified investors. The drawdown marks the issuance of the seventh and eighth series under SRC's domestic programme and follows the SAR 3.5 billion guaranteed sukuk issuance in May 2023. Aljazira Capital, Al Rajhi Capital Company, HSBC Saudi Arabia and SNB Capital Company acted as joint lead managers.

SRC is wholly-owned by the Public Investment Fund of the Kingdom of Saudi Arabia and was established with the objectives of supporting the national agenda of increasing home ownership amongst Saudi citizens and promoting the development of the Saudi housing finance market.

The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London) and included local partner Xuan Jin (Hong Kong) and associates Eren Ayanlar and Amir Mehdizadeh Iranpour (all Dubai).

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