UAE’s Ras Al-Khaimah May Print 10-Year Sukuk As Early As Tuesday

Ras Al-Khaimah is planning a benchmark size offer, traditionally understood to mean upwards of $500 million.



The emirate of Ras al-Khaimah has opened books for a potential U.S. dollar-denominated 10-year sukuk offer, which could price as early as Tuesday, a document from lead arrangers showed.

Al Hilal Bank, Citigroup, J.P.Morgan and National Bank of Abu Dhabi are arranging the investor meetings, which end in London on Monday.

Issuance from the emirate, one of seven which make up the United Arab Emirates, has been rare; the fourth-largest emirate has been enjoying strong budget surpluses since 2009, helped by government-led construction projects and expansion of the tourism sector.

Ras al-Khaimah is planning a benchmark size offer, traditionally understood to mean upwards of $500 million.