Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) has completed the issuance of its five-year Euro Medium-Term Note (EMTN) bond under its Social Finance Framework.

The lender offered a $600 million issue, which was oversubscribed by more than three times given the strong demand, according to a press release.

RAKBANK  tightened the pricing by 35bps to USTs + 135bps. The bond will have a coupon of 5.37% with a yield to maturity of 5.43%.

Raheel Ahmed, Group CEO of RAKBANK, stated: "This is an important milestone for RAKBANK and supports our aspiration of integrating ESG into our core business strategy for long-term financial growth. It also reinforces our commitment to supporting “We the UAE Vision 2031”, through GDP growth, job creation, and aligning with UBF’s 2030 sustainable finance pledge.”

“As a leading SME bank, we already play a crucial role in supporting the success and growth of more than 86,000 SME customers that act as a catalyst for the economy through employment generation. The issuance allows us to further our efforts in this space,” Ahmed highlighted.

In the first quarter (Q1) of 2024, the ADX-listed bank logged net profits valued at AED 574.19 million, higher than AED 450.32 million in Q1-23.