PIF-owned Saudi Real Estate Refinance Company (SRC) finalized the pricing of its second government-guaranteed USD-denominated international sukuk offering, it said on LinkedIn yesterday. The issuance — valued at USD 2.5 bn — was more than 5.5x oversubscribed and is part of SRC’s USD 5 bn International Sukuk Program.

What we know so far: The issuance is offered in two tranches, with USD 1.5 bn maturing in three and a half years and USD 1 bn maturing in 10 years. Additional details on yield rates and subscription rates were not disclosed.

Where will the funds go? The funds will be used to boost liquidity in the Saudi secondary mortgage market, support housing market sustainability, attract foreign investment, and integrate the Kingdom’s economy with global markets, the company said.

ICYMI- SRC finalized the pricing of its first government-guaranteed international Sukuk inFebruary, valued at USD 2 bn.

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