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RIYADH: 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 this year, possibly in the US, its CEO told Arab News.
The SRC issued an SR4 billion ($1.07 billion) domestic sukuk the Islamic equivalent of a bond last month, designed to provide liquidity to the Kingdom’s housing market. CEO Fabrice Susini said that the SRC’s current balance sheet had more than tripled between the end of 2019 and the end of 2020, but he did not rule out going back to the market for another capital injection.
Saudi Real Estate Refinance eyes $1bn sukuk by year-end
RIYADH, 4 hours, 39 minutes ago Saudi Real Estate Refinance Company (SRC) plans to issue up to $1 billion in sukuk (Islamic bonds) by the year-end, reported
Reuters. A wholly-owned unit of the kingdom s sovereign fund, Public Investment Fund, SRC was set up to increase home ownership among Saudi nationals. Last month, the company had sold SR4 billion ($1.06 billion) in a two-tranche private placement of sukuk, guaranteed by the Saudi finance ministry, said the report. It will enhance the provision of liquidity in the real estate finance market and contribute positively to reducing the cost of real estate financing for our citizens who wish to own adequate housing.
Tuesday, 20 April, 2021 - 10:15
The Saudi real estate market is being promoted by the activity of refinancing to increase investor confidence. (Asharq Al-Awsat) Riyadh - Asharq Al-Awsat
Moody s has assigned first-time issuer ratings to Saudi Real Estate Refinance Company (SRC) of A2.
SRC s baa3 BCA reflects the company s solid asset quality and strong capitalization which are moderated by a still evolving profitability profile, high reliance on wholesale funding, concentrated exposure to the relatively new mortgage market in Saudi Arabia, and low levels of liquidity.
The Company announced that this high rating comes as a result of its continuous work to provide the necessary liquidity in the housing sector in the Kingdom, in a way that contributes to increasing the ownership of Saudi families and boosting the confidence of local and international investors in the Saudi market.
Saudi Real Estate Refinance Co. Gets A Rating Before Planned Issuance of International Bonds
Posted on 04/19/2021
Fitch Ratings awarded Saudi Real Estate Refinance Company an “A” credit rating before a planned issuance of international bonds. Saudi Real Estate Refinance seeks to issue up to US$ 1 billion in sukuk before the end of the year. Formed in 2017, Saudi Real Estate Refinance Company provides real estate financing services and is owned by Saudi Arabia’s Public Investment Fund (PIF).
Saudi Real Estate Refinance Company, which is modelled after Fannie Mae, has a portfolio of loans of 6.5 billion riyals at the end of 2020.