White & Case advises SRC on first publicly rated RMBS transaction backed by Saudi Arabian assets

Global law firm White & Case LLP has advised Saudi Real Estate Refinance Company (SRC) on Sukuk Saudi Real Estate Refinance Company RMBS-2, a securitisation of owner-occupied home purchase plans originated by prime lenders in Saudi Arabia. The first domestic Residential Mortgage-Backed Securities (RMBS) issuance of its kind to receive published credit ratings from Moody's Ratings and Fitch Ratings.

"This transaction is a significant milestone for the Kingdom's capital markets as the first rated RMBS from Saudi Arabia," said White & Case partner Debashis Dey, who led the Firm's deal team. "It reflects the continued development of the Saudi securitisation market and the importance of our client SRC's role in fermenting the evolution of sophisticated  structured finance solutions in the Kingdom."

The White & Case team which advised on the transaction as lead legal structuring and documentation counsel was led by partner Debashis Dey (Dubai, London) and included partner Majed Alkuraydis (Riyadh) and associates Eren Ayanlar, Amir Mehdizadeh Iranpour (both Dubai) and Salma Fallatah (Riyadh).

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