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Big amount of US Dollar bank notes. Getty Images Image used for illustrative purpose.
Books for the Government of Ras Al Khaimah’s 10-year dollar-denominated Reg S benchmark sukuk are over $2 billion, excluding joint lead manager interest.
The initial price thoughts (IPTs) for the category 2 structure were at Treasuries +120 basis points (bps) area. The settlement date is 12 March, 2025 (T+5).
RAK Capital is named sukuk trustee, with the Government of Ras Al Khaimah acting through its Investment and Development Office.
Proceeds are to be used for general government and budgetary purposes.
Banks mandated include the Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, RAKBANK and Standard Chartered Bank, which have been appointed as Joint Global Coordinators.
Citi and Emirates NBD Capital also acting as Sukuk Structuring Agents.
The Government of Ras Al Khaimah has been rated A/A+ by S&P/Fitch both, with a stable outlook.
(Writing by Bindu Rai, editing by Seban Scaria)
