Tuesday 17 June 2014

UAE's RAK Bank launches debut $500m bond - Banking & Finance - ArabianBusiness.com

UAE's RAK Bank launches debut $500m bond - Banking & Finance - ArabianBusiness.com:



"UAE-based lender National Bank of Ras Al Khaimah (RAK Bank) launched its debut $500 million, five-year bond on Tuesday after tightening the pricing, a document from lead managers said.



Tightened pricing for the bond was given at 160 basis points over mid-swaps, against initial price thoughts in the area of 170 bps on Monday.



RAK Bank, rated BBB-plus by Fitch, attracted books of over $1.5 billion for its offer, the document said. The bank has chosen National Bank of Abu Dhabi and Standard Chartered to arrange the bond sale."



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