| Hot property: Deutsche Bank and Morgan Stanley are marketing a $300 million IPO for Kingdom Hotel Investments |
The Middle East’s debut Shariah-compliant residential mortgage backed securitization is being prepared for the Saudi Arabian market by Unicorn Investment Bank and Standard Bank. The dollar-denominated bond, which should be marketed this month, is the result of more than a year’s work by the joint lead managers. It will be backed by the residential mortgages of a Saudi mortgage company, primarily on properties in Riyadh and Jeddah.
According to Tim Lupprian, head of central and eastern Europe, and Middle East primary markets at Standard Bank in London, although the initial deal is likely to be small, it is the precursor of far larger transactions.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
