U.A.E.'s Ras Al Khaimah Said to Plan Sale of Benchmark Bond, Hires Banks - Bloomberg

Ras Al Khaimah, one of the seven sheikhdoms that make up the United Arab Emirates, plans to sell a so-called benchmark bond and has hired two banks to manage the transaction, two bankers familiar with the plan said.

Citigroup Inc. and Royal Bank of Scotland Group Plc will manage the sale, said the Dubai-based bankers, who declined to be identified because the information is private. A benchmark- sized bond usually raises at least $500 million.

Ras Al Khaimah last sold a bond in July 2009, when it raised $400 million from an Islamic ijarah sukuk, Bloomberg data shows. A spokesman for Ras Al Khaimah could not immediately be reached for comment. A spokesman for Citigroup declined to comment as did a spokeswoman for Royal Bank of Scotland.