White & Case Advises SRC on US$5B Trust Certificates Issuance.
White & Case LLP has successfully advised Saudi Real Estate Refinance Company (SRC), a wholly-owned subsidiary of the Kingdom’s Public Investment Fund (PIF), on establishing a US$5 billion international trust certificate issuance programme. This strategic initiative is designed to support housing finance in Saudi Arabia and aligns with the Kingdom's Vision 2030 goals.
The transaction includes the dual-series issuance of US$2 billion in guaranteed trust certificates, helping to boost SRC’s market appeal and diversify its funding sources.
Strengthening Saudi Vision 2030 with Housing Finance Solutions
The issuance of US$2 billion in trust certificates plays a crucial role in supporting Saudi Arabia's Vision 2030, which aims to make housing finance more accessible for residents.
"SRC continues to be a significant element in the Kingdom's Vision 2030 strategy," said Debashis Dey, a partner at White & Case, 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 dual-series issuance comprises:
- US$1 billion in 5.000% trust certificates due 2028
- US$1 billion in 5.375% trust certificates due 2035
These certificates are guaranteed by the Ministry of Finance of the Kingdom of Saudi Arabia, enhancing investor confidence. They were admitted to trading on the London Stock Exchange's International Securities Market (ISM), which underscores their international appeal.
Several key financial institutions acted as Joint Lead Managers on the issuance, including:
- Al Rajhi Capital Company
- GIB Capital
- HSBC Bank plc
- J.P. Morgan Securities plc
- SNB Capital Company
- Société Générale
- Standard Chartered Bank
Their involvement reflects the scale and credibility of the transaction.
White & Case team, led by partner Debashis Dey (based in Dubai and London), played a crucial role in advising on the transaction. The team also included local partners Xuan Jin (Singapore), Nezar Al Abbas (Riyadh), and associates Eren Ayanlar, Ola Sanni, and Amir Mehdizadeh Iranpour (all Dubai), demonstrating the firm's global reach and legal expertise in complex financial deals.
White & Case LLP is a global law firm known for providing high-quality legal services to clients across a broad range of industries. Founded in 1901, the firm has grown to become one of the largest international law firms, with offices in over 40 locations worldwide. White & Case specializes in complex legal matters, including banking and finance, mergers and acquisitions, capital markets, dispute resolution, and regulatory compliance. The firm represents multinational corporations, governments, and financial institutions, offering expertise in cross-border transactions, international litigation, and arbitration. White & Case is renowned for its deep industry knowledge, innovative solutions, and commitment to delivering results for its clients.
White & Case Advises Lightning Power on $600M Credit Repricing
