RakBank eyes benchmark-sized debut bond issue
Dubai, June 9, 2014
UAE-based lender National Bank of Ras Al Khaimah (RakBank) may sell a benchmark-sized debut bond issue after announcing plans to meet fixed income investors, a document from lead managers said on Monday.
The bank, the sixth-largest by market value listed on the Abu Dhabi stock exchange, has chosen National Bank of Abu Dhabi and Standard Chartered to arrange roadshows in the Middle East, Asia and Europe starting June 11, the document said.
A benchmark-sized, dollar-denominated offering may follow, subject to market conditions, it added. Traditionally, benchmark size is understood to mean at least $500 million.
RakBank had said in a stock market filing on Monday it was in the process of setting up an Euro Medium Term Notes (EMTN) programme which would allow it to issue bonds outside of the United States.
Any bonds under the programme will be issued through a special purpose vehicle incorporated in the Cayman Islands and listed on the Irish Stock Exchange, the statement added. - Reuters