Ras Al Khaimah plans 5-year sukuk
Dubai, October 7, 2013
Ras Al Khaimah, one of the seven members of the UAE, will price a five-year Islamic bond on Tuesday, subject to market conditions, after releasing initial price thoughts for the offering.
The size of the dollar-denominated sukuk has yet to be determined, according to a document from lead managers, but the initial guidance on where it will price has been given at 200 basis points over midswaps.
RAK, through its Investment and Development Office, concludes investor meetings on Monday in London through lead arrangers Abu Dhabi-based Al Hilal Bank, Citigroup, Dubai's Mashreq, National Bank of Abu Dhabi and Standard Chartered. - Reuters
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