DUBAI - The National Bank of Ras Al-Khaimah (RAKBANK) is set to raise $500 million in five-year bonds, offering investors 185 basis points (bps) over mid-swaps, a document issued by one of the banks leading the deal showed.

The bank, majority owned by the government of the Ras Al Khaimah emirate in the United Arab Emirates (UAE), started marketing the notes on Tuesday with initial price guidance of around 210 bps over the benchmark.

Bank ABC, Citi, Emirates NBD Capital, First Abu Dhabi Bank, ICBC and Standard Chartered Bank have arranged the deal.

(Reporting by Davide Barbuscia Editing by David Goodman) ((; +971522604297; Reuters Messaging: