Abu Dhabi – Mubasher: National Bank of Ras Al Khaimah (RAKBANK) has concluded the issuance of $75 million Floating Rate Notes (FRN) at a coupon of 3 months USD LIBOR+100 basis points. 

The two-and-a-half-year FRN was issued by RAK Funding Cayman Limited and was initiated under the bank’s $2 billion EMTN programme, according to a press release on Monday.

With a settlement date of 24 May 2021, the deal was arranged by First Abu Dhabi Bank (FAB), who acted as the Sole Lead Arranger.

The funds from the transaction will be used by the bank for general corporate purposes.