Saudi Real Estate Refinance Company prices $2.75B sukuk, its largest to date
What's the deal? Saudi Real Estate Refinance CompanyDealroom has a profile for this one. Try Dealroom → (SRC), wholly owned by the Public Investment FundDealroom has a profile for this one. Try Dealroom → (PIF), has priced a $2.75 billion international sukuk issuance, guaranteed by the Government of Saudi Arabia. It is the company's third issuance under its International Sukuk Program.
The details: The offering came in two tranches — $1.25 billion at a 5.5-year maturity and $1.50 billion at a 10-year maturity, according to state-run news agency SPA. The order book reached 6.8 times the size of the offering.
Why now? Alongside the issuance, SRC doubled its International Sukuk Program from $5 billion to $10 billion. The program, launched in February 2025, is listed on the London Stock ExchangeDealroom has a profile for this one. Try Dealroom →'s International Securities Market and backed by a government guarantee.
The context: SRC's first issuance raised $2 billion across 3-year and 10-year tranches, followed by a second worth $2.5 billion split into 3.5-year and 10-year tranches. The latest sukuk is its largest yet.
The signal: The $2.75 billion raise sits in the 99th percentile of all-time debt rounds in Saudi Arabia's real estate sector, based on 243 comparable deals. The strong demand and expanded program point to sustained investor appetite for government-backed Saudi paper as the kingdom builds out housing finance.
Read more: Argaam
Image credit: Bakar_88
