White & Case advises SRC on landmark securitization transaction involving the issuance of Residential Mortgage-Backed Securities (RMBS)

Global law firm White & Case LLP has advised Saudi Real Estate Refinance Company (SRC), a wholly-owned subsidiary of the Public Investment Fund (PIF) and the sole provider of real estate refinancing and liquidity solutions in the Kingdom of Saudi Arabia, on the first-ever issuance of residential mortgage-backed securities (RMBS) in the Kingdom.

"SRC is a pioneer in leading the way in a domestic RMBS transaction and the White & Case team supported this important client on the journey from structuring through to the successful completion, working with SRC as sponsor and HSBC as financial advisor," said White & Case partner Debashis Dey, who led the Firm's deal team.

SRC serves as the Kingdom's 'mortgage aggregator' – a role comparable to Fannie Mae and Freddie Mac in the US – and plays a pivotal role in achieving the objectives of the Housing Program, one of Saudi Vision 2030's key initiatives, by increasing homeownership rates among Saudi citizens through providing liquidity to financiers and working to enable affordable financing options for Saudi families.

White & Case has acted as the Documentation Counsel on this landmark transaction. 
The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London) and included local partners Nezar Al Abbas (Riyadh) and Xuan Jin (Singapore) and associates Eren Ayanlar, Amir Mehdizadeh Iranpour and Salvia Matonyte (all Dubai).

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