National Bank of Ras Al Khaimah (RAKBANK) has raised $600 million through the issuance of five-year senior unsecured Reg S notes.
The benchmark-sized issue has a coupon of 5.375% and a reoffer price of 99.835 to yield 5.413%.
The bonds were priced at a spread of 125 basis points over US Treasuries, tightening from IPTs in the UST+155 bp area.
Books exceeded $1.2 billion, excluding joint lead manager interest.
The notes will be issued under the bank’s EMTN programme and listed on Euronext Dublin.. The bonds are expected to be rated Baa1 by Moody’s and BBB+ by Fitch.
Abu Dhabi Commercial Bank, Arab Banking Corporation, Citi, Emirates NBD Capital, First Abu Dhabi Bank, ICBC, ING, JPMorgan, Mashreq, Standard Chartered and RAKBANK acted as joint bookrunners on the transaction.
(Writing by Brinda Darasha; editing by Seban Scaria)