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The National Bank of Ras Al Khaimah (RAKBANK), rated Baa1 (Positive) by Moody’s and BBB+ Stable by Fitch, has issued IPTs in the 7% area for its $300 million (WNG) Reg S Perpetual non-call 6-year AT1 Capital Securities.
The interest rate is fixed per annum, payable semi-annually in arrear. The issuance, which is unrated, will be priced Tuesday, July 2, with a settlement date of July 9.
ADCB, Citi, Emirates NBD Capital, First Abu Dhabi Bank, Standard Chartered Bank and the National Bank of Ras Al Khaimah have been appointed as joint lead managers and bookrunners. Citi and Emirates NBD Capital are also acting as structuring agents.
RAKBANK, which is 52.8% owned by the Government of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange, will list the issuance on the London Stock Exchange’s International Securities Market.
(Writing by Bindu Rai, editing by Seban Scaria)
