{"id":101372,"date":"2025-03-06T00:00:00","date_gmt":"2025-03-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/rak-attracts-over-usd-2-bn-in-orders-for-10-year-sukuk\/"},"modified":"2025-03-06T00:00:00","modified_gmt":"2025-03-06T00:00:00","slug":"rak-attracts-over-usd-2-bn-in-orders-for-10-year-sukuk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/03\/06\/rak-attracts-over-usd-2-bn-in-orders-for-10-year-sukuk\/","title":{"rendered":"RAK attracts over USD 2 bn in orders for 10-year sukuk"},"content":{"rendered":"

The Government of Ras Al Khaimah\u2019s 10-year USD-denominated sukuk has <\/strong>attracted over USD 2 bn in orders<\/strong>, excluding joint lead manager interest, Zawya<\/a> reports. The Reg S benchmark sukuk has initial price thoughts at Treasuries +120 bps, with settlement scheduled for 12 March, 2025. <\/p>\n

RAK Capital is acting as the sukuk trustee<\/strong>, while the RAK Investment and Development Office represents the government. The proceeds will support general government and budgetary expenditures.<\/span><\/p>\n

ADVISORS- <\/strong>Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, The National Bank of Ras Al Khaimah (Rakbank), and Standard Chartered are acting as global coordinators. Citi and Emirates NBD Capital are serving as Sukuk Structuring Agents.<\/p>\n

Part of a wider wave of issuances: <\/strong>The RAK sukuk marks the first sovereign issuance from the UAE this year, amid a surge in sukuk and Reg S bond issuances by banks and corporates. First Abu Dhabi Bank (FAB) and Damac recently priced their own USD 600 mn<\/a> and USD 750 mn sukuks. Sharjah Islamic Bank is preparing a USD 500 mn Reg S five-year sukuk, while Emirates NBD plans to issue a USD 1 bn Reg S additional tier 1 capital security.<\/p>\n

Total sukuk issuance volume from UAE-based issuers reached USD 14.4 bn in 2024<\/strong>, with S&P Global Ratings projecting a steady USD 14-15 bn in 2025, primarily driven by bank and corporate issuances.<\/p>\n

OTHER DEBT NEWS- <\/p>\n

UAE <\/strong>district cooling company Tabreed\u2019s <\/strong>USD 700 mn green<\/a><\/strong>sukuk<\/a><\/strong> was 2.6x <\/strong>oversubscribed<\/strong>, after its orderbooks saw investor demand exceed the size of the issuance by 4.3x, the company said in a press release<\/a>. The issuance, which is listed on the London Stock Exchange, carried a 5.279% yield<\/a> \u2014 the tightest-ever credit spread for a five-year UAE corporate sukuk with a similar rating. <\/p>\n

Background:<\/strong> This marks Tabreed\u2019s first issuance under its new USD 1.5 bn trust certificate program, with proceeds set to fund eligible green projects under Tabreed\u2019s Green Financing Framework, including district cooling, energy and water efficiency, and wastewater management<\/p>\n

REMEMBER- <\/strong>Tabreed CFO Adel Salem Al Wahedi said last year<\/a> that the company plans to issue green bonds or sukuk to refinance USD 1.2 bn in debt this year, including USD 500 mn in bonds maturing in October 2025 and a USD 700 mn loan due in March 2025. Tabreed\u2019s board will also seek shareholder approval on 25 March to issue up to USD 2 bn<\/a> in an additional non-convertible issuance. Tabreed holds a Baa3 credit rating with a stable outlook from Moody\u2019s and a BBB rating from Fitch with a stable outlook.<\/p>\n

ADVISORS- <\/strong>Citi and Standard Chartered acted as joint global coordinators. Joint lead managers included Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and Standard Chartered, with Abu Dhabi Commercial Bank serving as co-manager. Citi, FAB, and Standard Chartered structured the green certification.<\/p>\n","protected":false},"excerpt":{"rendered":"

Total sukuk issuance volume from UAE-based issuers reached USD 14.4 bn in 2024<\/p>\n","protected":false},"author":1,"featured_media":101373,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[1391,68,7,534,66],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam-uae","tag-ras-al-khaimah","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"14e905d5-6f65-4d21-8357-e75ccceae3db","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/234.jpg","photo_position":"above","homepage_title":"","full_issue_title":"RAK attracts over USD 2 bn in orders for 10-year sukuk","related_issue":[101365],"teaser":"Total sukuk issuance volume from UAE-based issuers reached USD 14.4 bn in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.34ec4052-2599-43b0-bd86-d2a7e95c2dec.mp3"},"yoast_head":"\nRAK attracts over USD 2 bn in orders for 10-year sukuk - 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