United Arab Emirates-based lender National Bank of Ras Al Khaimah (RAKBANK) has given initial price thoughts in the area of 170 basis points over midswaps for its benchmark-sized five-year debut bond, a document from lead managers said.
RAKBANK, rated BBB+ by Fitch, is due to conclude meetings with fixed income investors in London on Monday. It expects to price a deal this week, the document said.
The sixth-largest lender by market value listed on the Abu Dhabi stock exchange, RAKBANK has chosen National Bank of Abu Dhabi and Standard Chartered to arrange the bond sale.
Traditionally, benchmark size is understood to mean at least $500 million.