Commentary & Deal Flow

Saudi Real Estate Refinance Company ("SRC"), the primary provider of housing refinancing solutions, wholly-owned by the Public Investment Fund of Saudi Arabia, (country: Saudi Arabia) rated A1/A/A+ (Moody's/S&P/Fitch), has mandated HSBC and J.P. Morgan as Joint Global Coordinators, and DBS Bank Ltd., HSBC, The Islamic Corporation for the Development of the Private Sector, J.P. Morgan, KFH Capital, KIB Invest, Mizuho, Al Salam Bank and Standard Chartered Bank as Joint Lead Managers and Bookrunners to arrange a pre-recorded global investor call along with a series of fixed income investor calls commencing on 06-Jul-26.

A Regulation S Senior Unsecured US$ Government Guaranteed dual-tranche Sukuk offering, consisting of 5.5-year and 10-year tranches under SRC Sukuk Limited’s Trust Certificate Issuance Programme will follow, subject to market conditions.

The Certificates will benefit from a guarantee by the Government of the Kingdom of Saudi Arabia acting through its Ministry of Finance and are expected to be rated Aa3 by Moody’s and A+ by Fitch.

FCA / ICMA stabilisation applies.