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RAKBANK headquarters building. Image Courtesy: RAKBANK
The National Bank of Ras Al Khaimah (RAKBANK), rated Baa1 (Positive) by Moody’s and BBB+ Stable by Fitch, has mandated banks for a $300 million fixed rate resettable unrated USD-denominated Regulation S Perpetual non-call 6-year additional tier 1 capital issuance, subject to market conditions.
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.
RAKBANK, which is 52.8% owned by the Government of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange, will list the issuance on the London Stock Exchange’s International Securities Market.
(Writing by Bindu Rai, editing by Seban Scaria)
