Abu Dhabi – Mubasher: National Bank of Ras Al Khaimah (RAKBANK) has completed another issuance of $75 million two and a half-year Floating Rate Notes (FRN) at a coupon of three months USD LIBOR+100 basis points.

The deal was arranged through Standard Chartered Bank, which acted as the Sole Bookrunner, according to a bourse filing on Thursday. 

Initiated under the bank’s $2 billion EMTN programme, the FRN was issued by RAK Funding Cayman Limited, and its funds will be used for general corporate purposes.

The FRN will be settled on 27 May 2021.

It is noteworthy to mention that on 24 May 2021, the bank has concluded the issuance of $75 million FRN at a coupon of three months USD LIBOR+100 basis points.