Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBank) on Wednesday announced that it has successfully priced a 5-year $500 million bond issuance.

The Ras Al Khaimah-based lender noted that the bond will pay an annual coupon of 4.125%, or 185 basis points over 5-year mid-swaps, according to RAKBank’s statement to the Abu Dhabi Securities Exchange (ADX).

The bank’s marketing strategy aimed at reintroducing its credit story to international investors and included a roadshow covering Hong Kong, Singapore and London.

“Our return to the bond market is in line with our funding diversification efforts and we have been pleased to see robust interest from international Fixed Income investors,” Peter England, CEO of RAKBank, commented.

He added that the move will support the bank’s long-term funding requirements.

“Funding allows us to continue to harness new technology and deliver a best-in-class service across business units while maintaining our efforts to grow the Bank as a customer-centric organization with an industry-leading digital offering,” England pointed out.

On Tuesday, the bank began marketing the notes with initial price guidance worth 210 basis points over the benchmark.

By the end of Wednesday’s session, RAKBank’s stock stood at AED 4.11.