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Thursday, 9 February 2017

Emirate of Ras Al Khaimah in talks with banks for dollar bond -sources | Reuters

Emirate of Ras Al Khaimah in talks with banks for dollar bond -sources | Reuters:

"The emirate of Ras Al Khaimah is in talks with banks about a U.S. dollar bond sale, though it has not yet sent an official request for proposals and there is no indication so far on the timing of any issue, banking sources familiar with the matter said on Thursday. Standard & Poor's last month affirmed its A long-term credit rating for the emirate, one of the seven which make up the United Arab Emirates – a move which supported the sovereign’s fund-raising targets, one of the sources noted. Ras Al Khaimah issued its latest international bond in 2015, when it borrowed $1 billion through a 10-year sukuk issue with a profit rate of 3.094 percent. The sukuk, with an ijara structure, was arranged by Al Hilal Bank, Citi, JP Morgan and National Bank of Abu Dhabi. It was yielding 3.449 percent on Thursday. "



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