The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
RAS AL KHAIMAH / WAM
The National Bank of Ras Al Khaimah (Rakbank) has announced the repayment of the outstanding nominal amount of $681.67 million on its Rak Funding Cayman Ltd. 5-year $800 million bond matured on June 24.
Rakbank had issued $500 million bond earlier this year in April 2019 through RAK Funding Cayman Ltd. Proceeds from the issue along with other internal sources were used to pay
back the bond maturing in
June 2019, the bank said in a statement. Rakbank issues bonds through RAK Funding Cayman Ltd. a special purpose vehicle established in Cayman Islands for the purpose of issuing bonds.