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White & Case and The Law Office of Megren M. Al-Shaalan Advise SRC on Issuance of SAR 4 Billion Guaranteed Sukuk

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

"SRC continues to be a seasoned issuer in the domestic Saudi market and the investor demand and substantial size of the issuance is an indication of the real growth in housing finance demand in the kingdom," said White & Case partner Debashis Dey, who led the Firm’s deal team. "White & Case plays a key role in this evolution in the market and we will to continue to support SRC on its transactions."

The sukuk has a tenor of eight years, was offered as a private placement to Saudi institutional and qualified investors and was 1.8 times oversubscribed. The drawdown marks the issuance of the fourth series under SRC’s domestic programme and follows the SAR 2 billion guaranteed sukuk issuance in December 2021. Aljazira Capital, HSBC Saudi Arabia, Riyad Capital and SNB Capital Company acted as joint lead managers.

SRC is wholly-owned by the Public Investment Fund of the Kingdom of Saudi Arabia and was established with the objectives of supporting the national agenda of increasing home ownership amongst Saudi citizens and promoting the development of the Saudi housing finance market.

The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London) and included counsel Xuan Jin (Hong Kong & Dubai) and associates Eren Ayanlar and Ghislaino Kamdo (both in Dubai). The Law Office of Megren M. Al-Shaalan team in Riyadh was led by partner Megren Al-Shaalan and included associates Waad Alkurini and Nezar Al Abbas.

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