PIF unit Saudi Real Estate Refinance rolls out new residential mortgage-backed securities

By Zawya

By Staff Writer

Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund (PIF), has launched its second domestic residential mortgage-backed securities (RMBS) offering.

The latest issuance is backed by an estimated SAR 420 million ($112 million) residential mortgage portfolio, SRC said on Monday.

The new offering is the company’s first RMBS domestic issuance to obtain published credit ratings from Moody’s (Aaa.sa (sf)) and Fitch (AAAsf(sau)).

“Fitch expects low credit losses for the transaction based on its review of SRC’s historical book data and of the portfolio characteristics,” Fitch said.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Seban.scaria@lseg.com

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