SRC completes SAR 3.5B sukuk issuance

Logo of Saudi Real Estate Refinance Co. (SRC)

Saudi Real Estate Refinance Co. (SRC), a wholly owned subsidiary of the Public Investment Fund (PIF), successfully completed a SAR 3.5 billion worth of sukuk issuance as part of its government-guaranteed its riyal-denominated sukuk program.

The offering forms the last two tranches of its SAR 20 billion government-guaranteed sukuk program, featuring dual tenors of five and seven years, the state-run SPA reported, citing a company statement.

SRC was rated “A+” by Fitch Ratings, A2+ by Moody’s Investors Services and “A-“ by S&P Global.