UAE's RAK Bank issues $75mln Floating Rate Note

The issue was under the bank's $2bln EMTN programme

  
A sign displaying ATM prepaid cards is seen at a National Bank of Ras Al Khaimah RAK bank branch at Dubai Marina in Dubai May 12, 2013.

A sign displaying ATM prepaid cards is seen at a National Bank of Ras Al Khaimah RAK bank branch at Dubai Marina in Dubai May 12, 2013.

REUTERS/Ahmed Jadallah

The National Bank of Ras Al-Khaimah (RAKBANK) said it 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.

The bank, majority owned by the government of the Ras Al Khaimah emirate in the 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 24 May, 2021, it said.

The deal was arranged by First Abu Dhabi Bank.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021

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