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UAE's RAKBANK debut bond expected to price Tuesday -leads
June 17, 2014 / 8:22 AM / 3 years ago

UAE's RAKBANK debut bond expected to price Tuesday -leads

DUBAI, June 17 (Reuters) - United Arab Emirates-based lender National Bank of Ras Al Khaimah (RAKBANK) is due to price a benchmark-sized five-year debut bond as early as Tuesday, a document from lead managers said.

RAKBANK, rated BBB+ by Fitch, has concluded meetings with fixed income investors and has already drawn an order book of more than $1 billion for its offering, the document said.

The lender had announced initial price thoughts in the area of 170 basis points over midswaps on Monday.

RAKBANK has chosen National Bank of Abu Dhabi and Standard Chartered to arrange the bond sale.

A benchmark-sized bond is usually considered to be $500 million or more. (Reporting by Archana Narayanan; editing by Matt Smith)

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