The National Bank of Ras Al Khaimah (P.S.C.)

United Arab Emirates, 23 February 2015: The National Bank of Ras Al-Khaimah P.S.C. (“RAKBANK”) today successfully raised an additional USD 300 million funding as an add-on to its existing USD 500 million 3.250% bond due 24-June-2019. The additional funding was issued at a cash price of 100.875. The funding falls under RAKBANK’s USD 1 billion EMTN programme, which was set-up in June 2014.

RAKBANK Chief Executive Officer, Peter England, said: “We are pleased with the success of the upsize, which continues to highlight the confidence placed by investors in our Bank. In addition to taking advantage of the low-cost financing opportunities that prevail in the bond market, the increase also boosts the Bank’s ability to fund growth plans in 2015. The issuance allows us to further diversify the Bank’s sources of funding and to access a wider base of investors.” 

Standard Chartered Bank and NBAD acted as Joint Arrangers and Joint Lead Managers, on this transaction.