White & Case advises SRC on establishment of US$5 billion international trust certificate issuance programme and US$2 billion guaranteed trust certificate issuances

Global law firm White & Case LLP has advised Saudi Real Estate Refinance Company (SRC), a wholly-owned subsidiary of the Public Investment Fund and the sole provider of real estate refinancing and liquidity solutions in the Kingdom of Saudi Arabia, on the establishment of its US$5 billion international trust certificate issuance programme and the subsequent dual-series issuance of US$2 billion in guaranteed trust certificates thereunder.

“SRC continues to be a significant element in the Kingdom’s Vision 2030 strategy by playing a significant role in making housing finance more accessible  for Saudi residents,” said White & Case partner Debashis Dey, who led the Firm’s deal team. “Successfully issuing US$2 billion of trust certificates across diverse international and regional investor bases not only underlines SRC’s market appeal but also diversifies its funding sources.”

The issuances are guaranteed by the Ministry of Finance of the Kingdom of Saudi Arabia and were admitted to trading on the London Stock Exchange’s International Securities Market (ISM). They comprise US$1 billion 5.000% trust certificates due 2028 and US$1 billion 5.375% trust certificates due 2035.

Al Rajhi Capital Company, GIB Capital, HSBC Bank plc, The Islamic Corporation for the Development of the Private Sector (ICD), J.P. Morgan Securities plc, SNB Capital Company, Société Générale and Standard Chartered Bank acted as Joint Lead Managers on the issuance.

The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London) and included local partners Xuan Jin (Singapore), Nezar Al Abbas (Riyadh) and associates Eren Ayanlar, Ola Sanni and Amir Mehdizadeh Iranpour (all Dubai).

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