July 15 (Bloomberg) -- Ras al-Khaimah, one of the seven sheikhdoms that make up the United
Arab Emirates, may raise $500 million in an Islamic bond sale, a banker familiar with the deal said.
The emirate received two to three times more offers for the five-year bond than the targeted amount, said the banker, who didnât want to be identified before the transaction is completed. The Islamic bond, also known as sukuk, may pay a distribution, or coupon, of 8 percent to 8.5 percent, he said, confirming what another banker said yesterday.
Ras al-Khaimah has an A credit rating from Standard & poorâs, its sixth-highest investment grade, and an equivalent rating from Fitch Ratings. The bond sale is part of a $2 billion fund-raising program that was started last year. Standard Chartered plc and BNp paribas are managing the sale.
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