GIB Capital is pleased to announce its role as Joint Lead Manager and Bookrunner on SRC’s first international Sukuk issuance guaranteed by the government, through the Ministry of Finance. SRC is the primary provider of housing refinancing solutions, wholly-owned by the Public Investment Fund of Saudi Arabia, rated A1 by Moody’s (stable), A- by S&P  (stable) and A+ (stable) by Fitch. 

The Sukuk was issued in two tranches of USD 1 bln each with maturities of three and ten years,  with an oversubscription by over 6x, generating over USD 11 bln in orders (excluding JLM interest), allowing the issuer to print 3-year at UST+80bps and 10-year at UST+98bps, significantly tighter than initial guidance. The books were globally diversified with participation from Europe, Asia, and Middle East investors. 

Since its establishment in 2008, GIB Capital has been providing a range of innovative and customized financial and investment banking products and solutions, including asset management, capital markets advisory, mergers and acquisitions, debt capital markets, debt advisory and brokerage services.