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.