dubai march 14 reuters  the saudi real estate refinance company src the equivalent of us mortgage finance business fannie mae will delay plans for debut dollardenominated islamic bonds to the second quarter its chief executive said srcs ceo fabrice susini had said in november he expected the deal in the first quarter if market conditions allowed debt markets already jittery over impending interest rate hikes have all but ground to a halt following russias invasion of ukraine several gulf issuers that have already mandated banks for deals are waiting for a window of stability bankers have said src expects to launch two international and two domestic debt sales this year the domestic issues combined are expected to raise 3 billion to 6 billion riyals 800 million16 billion and the international sales are likely to raise 1 billion or possibly more in total susini said in an interview with reuters src on sunday said it bought a 1 billionriyal real estate financing portfolio from saudi national bank snb 1180se the countrys biggest such mortgage refinancing for a bank to date susini said discussions are underway with snb and other banks for similar deals rising interest rates will lead to an increase in mortgage rates for saudis at some point this year susini said src is working to help saudi arabia reach its goal of boosting saudi home ownership to 70 as part of its vision 2030 reforms to reduce the economys reliance on oil the rate is at roughly 62 now susini said about the same as a year ago an eventual ipo is in the cards for src which is owned by saudi sovereign wealth fund the public investment fund pif but it is not currently on the agenda susini said yes one day they will  i think it would make sense for pif to consider it because we are a company that is working for the market as a whole and to a certain extent opening the equity to stakeholders to the market would make sense