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The Saudi Real Estate Refinance Co. (SRC), wholly owned by the Public Investment Fund (PIF), issued riyal-denominated sukuk amounting to 3 billion Saudi riyals ($800 million), as part of its enhanced sukuk programme.
SRC has doubled the total size of its riyal-denominated sukuk program to SAR 20 billion from SAR 10 billion, the mortgage finance company said in a statement on Tuesday.
The latest issuance, the fifth in the series under the program, offered a fixed profit rate format across a tenor of 10 years, the statement said. It didn’t disclose the profit rate.
The proceeds raised will enable the company to "increase market liquidity and support originators and financiers thereby stabilizing the Saudi mortgage market and accelerating home ownership growth in the Kingdom.”
HSBC Saudi Arabia acted as the sole lead coordinator on the latest offering, while the joint lead managers are Aljazira Capital, Al Rajhi Capital, HSBC Saudi Arabia, Riyad Capital, and SNB Capital.
(Writing by Brinda Darasha; editing by Seban Scaria)
