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The National Bank of Ras Al Khaimah (RAKBANK) launched its $300 million (WNG) Reg S Perpetual non-call 6-year AT1 Capital Securities, tightening the price to 6.625% cpn at par from earlier IPTs in the area of 7%.
The issuance has a benchmark rate interpolated at 6-year UST 3.961%, 5-year at 100-02+ / 3.858% and 7-year at 99-20+ / 4.060%.
The final order book is greater than $550 million, excluding JLM interest, revised from the earlier figure of $700 million.
The UAE lender, rated Baa1 (Positive) by Moody’s and BBB+ Stable by Fitch, is 52.8% owned by the Government of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange.
The issuance will list on the London Stock Exchange’s International Securities Market.
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.
(Writing by Bindu Rai, editing by Seban Scaria)
