Saudi Real Estate Refinance Company to Delay Debut Dollar-Denominated Islamic Bonds Sale

The Saudi Real Estate Refinance Company (SRC) has announced that it will delay plans for its debut Dollar-Denominated Islamic bonds to the second quarter of 2022 (2Q 2022), from previous expectations for it to take place in (1Q 2022).

Why it Matters?

The delay comes on the back of the existing volatility experienced in the local debt markets over impending interest rate hikes intensified by Russia's invasion of Ukraine, with several Gulf issuers now halting for a return to stability after having mandated banks for deals. In 2022, the SRC expects to see the launch of two international debt sales anticipated to raise USD 1 billion or more in total and two domestic debt sales expected to raise SAR 3 billion to SAR 6 billion (USD 800 million to USD 1.6 b...