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Published on 2/23/2015 in the Prospect News Emerging Markets Daily.

New Issue: Dubai’s RAKbank sells $300 million more 3¼% notes due 2019 at 100.875

By Christine Van Dusen

Atlanta, Feb. 23 – United Arab Emirates-based National Bank of Ras Al Khaimah (RAKbank) sold an additional $300 million of its 3¼% notes due June 2019 at 100.875 on Monday, a market source said.

National Bank of Abu Dhabi and Standard Chartered Bank were the bookrunners for the Regulation S deal.

The original $500 million 3¼% five-year notes priced in June 2014 at 99.275 to yield mid-swaps plus 160 basis points.

The issuer is a commercial bank based in Dubai.

Issuer:National Bank of Ras Al Khaimah (RAKbank)
Amount:$300 million
Maturity:June 2019
Description:Notes
Bookrunners:National Bank of Abu Dhabi, Standard Chartered Bank
Coupon:3¼%
Price:100.875
Trade date:Feb. 23
Distribution:Regulation S
Price talk:100.875 area
Original issue:$500 million priced at 99.275 to yield mid-swaps plus 160 bps in June 2014

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