UAE-based sovereign wealth fund Ras Al Khaimah Investment Authority will issue a sukuk worth up to $500 million in July, people familiar with the matter told Zawya Dow Jones. "The underlying assets for the sukuk will be property," one of the persons with knowledge of the bonds told Zawya Dow Jones on Tuesday. "The maturity will be about five years and the size is expected to be $400 million to $500 million." The sukuk will likely carry a coupon of about 6 percent, the person, who declined to be identified because of confidentiality agreements, said. Khater Massaad, chief executive of Ras Al Khaimah Investment Authority, or RAKIA, didn't answer calls.
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