{"id":101417,"date":"2025-03-07T00:00:00","date_gmt":"2025-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/"},"modified":"2025-03-07T00:00:00","modified_gmt":"2025-03-07T00:00:00","slug":"ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/","title":{"rendered":"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed"},"content":{"rendered":"

RAK completes USD 1 bn sukuk issuance: <\/strong>The Government of Ras Al Khaimah\u2019s Investment and Development Office (IDO) has successfully closed its offering of a 10-year USD-denominated 1 bn senior unsecured sukuk at a profit rate of 5.038%, state news agency Wam<\/a> reports. The Reg S benchmark sukuk comes as part of the RAK Government\u2019s USD 2 bn Trust Certificate Issuance program, which was signed on 28 February, according to Wam.<\/p>\n

The details:<\/strong> The issuance, which had initial price thoughts<\/a> at Treasuries +120 bps, saw a final pricing of 10-year Treasuries +80 bps after having received strong investor demand and an orderbook of over USD 4.4 bn. Sukuk trustee RAK Capital\u2019s program received a rating of A from S&P Global Ratings\u2019 and an A+ rating from Fitch. <\/p>\n

Who bought in:<\/strong> The sukuk saw subscriptions from global investors, including 57.8% from MENA, 35% from the UK\/continental Europe and 7.2% from Asia and other countries.<\/p>\n

What they said:<\/strong> \u201cThe New Issue Concession priced into the [issuance] was -10 bps, which is a clear recognition of Ras Al Khaimah\u2019s strong credit position and a stamp of approval from the international investor community for the Emirate\u2019s remarkable growth and success story,\u201d an official spokesperson for the Government of Ras Al Khaimah told Wam.<\/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 government 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 real estate developer Damac<\/a> also took to market their USD 750 mn<\/a> sukuk issuances in the past couple of months. Meanwhile, 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","protected":false},"excerpt":{"rendered":"

The Reg S benchmark sukuk comes as part of the RAK Government\u2019s USD 2 bn Trust Certificate Issuance program<\/p>\n","protected":false},"author":1,"featured_media":101418,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[68,7,534,2170,66],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-uae","tag-ras-al-khaimah","tag-ras-al-khaimah-investment-authority","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"00ecbb4c-c023-4095-a49c-e0fe2b9e0895","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/212.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed","related_issue":[101412],"teaser":"The Reg S benchmark sukuk comes as part of the RAK Government\u2019s USD 2 bn Trust Certificate Issuance program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.66f6cbf8-fb5f-4316-8504-01cad3352f55.mp3"},"yoast_head":"\nRas Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed\" \/>\n<meta property=\"og:description\" content=\"The Reg S benchmark sukuk comes as part of the RAK Government\u2019s USD 2 bn Trust Certificate Issuance program\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-07T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed\",\"datePublished\":\"2025-03-07T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/\"},\"wordCount\":373,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1\",\"keywords\":[\"DEBT WATCH\",\"EnterpriseAM UAE\",\"Ras Al Khaimah\",\"Ras Al Khaimah Investment Authority\",\"Sukuk\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/\",\"name\":\"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed - UAE\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2025-03-07T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/uae\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"name\":\"UAE\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\",\"name\":\"UAE\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"UAE\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed - UAE","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/","og_locale":"en_US","og_type":"article","og_title":"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed","og_description":"The Reg S benchmark sukuk comes as part of the RAK Government\u2019s USD 2 bn Trust Certificate Issuance program","og_url":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/","og_site_name":"UAE","article_published_time":"2025-03-07T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed","datePublished":"2025-03-07T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/"},"wordCount":373,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1","keywords":["DEBT WATCH","EnterpriseAM UAE","Ras Al Khaimah","Ras Al Khaimah Investment Authority","Sukuk"],"articleSection":["DEBT WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/","url":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/","name":"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed - UAE","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1","datePublished":"2025-03-07T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/ras-al-khaimah-issues-usd-1-bn-sukuk-which-was-4-4x-oversubscribed\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/uae\/"},{"@type":"ListItem","position":2,"name":"Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/uae\/#website","url":"https:\/\/enterpriseam.com\/uae\/","name":"UAE","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/uae\/#organization","name":"UAE","url":"https:\/\/enterpriseam.com\/uae\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"UAE"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/212.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/101417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/comments?post=101417"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/101417\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/issue\/101412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media\/101418"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media?parent=101417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/categories?post=101417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/tags?post=101417"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/brand?post=101417"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=101417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}