|25 June, 2019

UAE-based RAKBANK repays $800mln bond

Proceeds from the issue along with other internal sources were used to pay back the bond maturing in June 2019

RAKBANK headquarters at Ras Al Khaimah

RAKBANK headquarters at Ras Al Khaimah

RAKBANK/Handout via Thomson Reuters Zawya

RAS AL KHAIMAH - The National Bank of Ras Al Khaimah, RAKBANK, has announced the repayment of the outstanding nominal amount of US$681.67 million on its RAKFunding Cayman Ltd. 5-year US$800 million bond matured on 24th June 2019.

RAKBANK had issued US$500 million bond earlier this year in April 2019 through RAKFunding Cayman Ltd.

Proceeds from the issue along with other internal sources were used to pay back the bond maturing in June 2019, the bank said in a statement.

RAKBANK issues bonds through RAKFunding Cayman Ltd. a special purpose vehicle established in Cayman Islands for the purpose of issuing bonds.

© Copyright Emirates News Agency (WAM) 2019.

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