RAKBANK completes inaugural Tier 2 issuance of $250 million

ABU DHABI: RAKBANK has completed its first Tier 2 security issuance, raising US$250 million, the securities were issued with a maturity of 10.25 years and a non-call period of 5.25 years (10.25NC5.25), carrying a coupon rate of 5.875 percent.In a press release on Wednesday, the bank said that the issuance was met with robust investor demand, being oversubscribed by four times with peak orders received in excess of $1 billion.This significant demand enabled RAKBANK to tighten the pricing by 42.5 basis points, reflecting investor confidence in the bank's financial stability and growth prospects.Source: Emirates News Agency