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The National Bank of Ras Al-Khaimah (RAKBANK) has concluded the issue of $75 million 2.5-year Floating Rate Note (FRN) which offered investors a coupon of 3-month USD LIBOR+100 basis points.
This follows a similar issue earlier this week.
The bank, majority owned by the government of the Ras Al Khaimah emirate in the United Arab Emirates (UAE), said the FRN was issued by RAK Funding Cayman Limited and was initiated under the bank’s 2 billion EMTN programme.
The notes, rated BBB+ by Fitch, will be used by the lender for general corporate purposes. The settlement date of the FRN is 27 May, 2021, it said.
The deal was arranged by through Standard Chartered Bank, who acted as the sole Bookrunner.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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