SRC completes pricing $2.75B Sukuk issuance

Saudi Real Estate Refinance Co. (SRC), wholly owned by the Public Investment Fund (PIF), announced the successful pricing of its third international sukuk issuance, guaranteed by the Government of Saudi Arabia, with a total value of $2.75 billion.

According to state-run news agency SPA, the issuance was divided into two tranches: The first tranche amounted to $1.25 billion with a 5.5-year maturity, and the second tranche totaled $1.50 billion with a 10-year maturity.

The issuance attracted strong investor demand, with the order book reaching 6.8 times the size of the offering.

The company also announced upsizing its International Sukuk Program, which is listed on LSE’s International Securities Market (ISM) and backed by a government guarantee, from $5 billion to $10 billion.

In February 2025, SRC launched its International Sukuk Program with a total size of $5 billion. It successfully completed its first issuance under the program, raising $2 billion across two tranches with 3-year and 10-year maturities. Later that same year, it completed a second issuance worth $2.5 billion, also split into two tranches with 3.5-year and 10-year maturities.