The National Bank of Ras Al Khaimah (RAKBANK) has announced a mandate for a $300 million fixed rate resettable unrated USD-denominated Regulation S Perpetual non-call 6-year additional tier 1 capital issuance, contingent upon market conditions. The bank holds ratings of Baa1 (Positive) from Moody’s and BBB+ Stable from Fitch.

Several banks have been appointed to manage this issuance. ADCB, Citi, Emirates NBD Capital, First Abu Dhabi Bank, Standard Chartered Bank, and the National Bank of Ras Al Khaimah will serve as joint lead managers and bookrunners. Additionally, Citi and Emirates NBD Capital are acting as structuring agents for the bond issuance.

RAKBANK, which is 52.8% owned by the Government of Ras Al Khaimah, is listed on the Abu Dhabi Securities Exchange. The new additional tier 1 capital will be listed on the London Stock Exchange’s International Securities Market.