The Government of Ras Al Khaimah has launched its $1 billion 10-year Reg S benchmark sukuk, which will list on Nasdaq Dubai.
The price for the sukuk was revised to +80 basis points over US Treasuries after the order book topped $4.1 billion, excluding joint lead manager interest.
Earlier in the day, the initial price thoughts (IPTs) for the category 2 USD sukuk were revealed in the area of 120 basis bps over US Treasuries.
The settlement date is 12 March, 2025.
RAK Capital is named sukuk trustee, with the Government of Ras Al Khaimah acting through its Investment and Development Office.
Proceeds will 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)
bindu.rai@lseg.com
