The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Middle East: Securitization hots up with second Saudi deal

More on Oman Blue City

Saudi Arabia’s Kingdom Instalment Company is planning to come to market with its second Shariah-compliant Saudi Arabian securitization transaction, the second part of its KSA MBS residential mortgage-backed programme. Kingdom’s announcement comes a month after Tamweel, a Dubai mortgage lender, finalized its plans to sell up to $1.1 billion of sukuk bonds, with a $300 million Shariah-compliant tranche backed by residential mortgages.

KIC previously came to the market in July 2006 with a $18 million 14-year securitization deal. Unicorn Investment Bank and Standard Bank closed the deal on July 18. This second securitization will again be led by Standard Bank and is expected to have a similar structure to its predecessor. KSA MBS I was backed against first-lien home loans and issued via a Cayman-domiciled special purpose vehicle.

Simon Stockley, adviser to the board of KIC, confirmed that the new transaction will be a step up from before, when he said at the Euromoney Securitization Middle East Conference in Dubai that the new transaction would have "one of the three major ratings agencies" rating the deal, not just the local Capital Intelligence agency as before, and will offer $400 million in notes."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree