Dubai, UAE – [Date] – RAKBANK has announced the successful issuance of its 5-year Euro Medium-Term Note (EMTN) Bond under its Social Finance Framework. The bond issuance attracted significant investor interest and was oversubscribed by more than three times, enabling the bank to upsize the issue to USD 600 million. The strong demand also allowed RAKBANK to tighten the pricing by 35 basis points to USTs + 135 basis points. The bond will have a coupon of 5.375% with a yield to maturity of 5.439%.
Raheel Ahmed, Group Chief Executive Officer of RAKBANK, commented on the milestone, stating, “This is an important milestone for RAKBANK and supports our aspiration of integrating ESG into our core business strategy for long-term financial growth. It also reinforces our commitment to supporting ‘We the UAE Vision 2031’ through GDP growth, job creation, and aligning with UBF’s 2030 sustainable finance pledge.”
Ahmed emphasized RAKBANK’s role as a leading SME bank, supporting the success and growth of more than 86,000 SME customers who act as catalysts for the economy through employment generation. “The issuance allows us to further our efforts in this space,” he added.
The Social Finance Framework established by RAKBANK outlines the purposes and manner in which funds raised through these bonds will be utilized. Key areas of focus include supporting MSME (Micro, Small, and Medium Enterprises) customers and enhancing the provision of healthcare within society. This initiative aligns with the UAE’s commitment to the Sustainable Development Goals (SDGs).
About RAKBANK:
RAKBANK, also known as the National Bank of Ras Al-Khaimah, is one of the oldest and most dynamic banks in the UAE. With a strong focus on SME banking, the bank provides a wide range of financial services to meet the needs of individuals, businesses, and institutions. For more details, visit RAKBANK Website.
