DUBAI 26 June 2019: The National Bank of Ras Al Khaimah (RAKBank), rated Baa1 by Moody’s and BBB+ by Fitch (both with stable outlook), has successfully paid back the outstanding nominal amount of US$681.67 million on its RAKFunding Cayman Ltd. 5-year $800 million bond maturing on 24th June 2019.
Rakbank had issued $500 million bond earlier this year in April 2019 through RAKFunding Cayman Ltd. Proceeds from the issue along with other internal sources were used to pay back the bond maturing in June 2019.
RAKBank issues bonds through RAKFunding Cayman Ltd. a special purpose vehicle established in Cayman Islands for the purpose of issuing bonds.