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White & Case and The Law Office of Megren M. Al-Shaalan Advise Saudi Real Estate Refinance Company on Domestic Sukuk Programme and Issuance

Global law firm White & Case LLP and the Law Office of Megren M. Al-Shaalan (LOMAS) have advised Saudi Real Estate Refinance Company (SRC) on the update and establishment of a SAR 10 billion domestic sukuk programme and issuance of SAR 4 billion (US$1.067 billion) dual-tenor sukuk guaranteed by the Ministry of Finance of the Kingdom of Saudi Arabia.

"The transaction reflects the continued growth of SRC's central role in creating a liquid market for whole sale housing finance in the Kingdom and supports the national ambition to increase home ownership for Saudi citizens," said White & Case partner Debashis Dey, who led the Firm's deal team.

SRC is wholly owned by the Public Investment Fund of the Kingdom and was established with the objectives of supporting the national agenda of increasing home ownership amongst Saudi citizens and promoting the development of the housing finance market in the Kingdom.
The dual-tenor sukuk was offered in seven- and ten-year tenors as a private placement to Saudi institutional investors and was 2.15 times oversubscribed.

HSBC Saudi Arabia acted as the sole arranger and sole lead coordinator. Aljazira Capital, HSBC Saudi Arabia and Saudi Fransi Capital acted as joint lead managers and bookrunners.

The White & Case and LOMAS team that advised on the transaction was led by partner Debashis Dey (Dubai & London) with support from partner Megren Al-Shaalan (LOMAS, Riyadh), local partner Ibrahim Bukhurji (LOMAS, Riyadh), counsel Xuan Jin (Dubai) and associates Manal Al-Musharaf (LOMAS, Riyadh), Eren Ayanlar (Istanbul) and Ghislaino Kamdo and Ola Sanni (both Dubai).

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