Dentons has advised The National Bank of Ras Al-Khaimah P.S.C. (RAKBANK) on its issuance of US$250 million 5.8732% Tier 2 Capital Securities due 2034. The transaction was completed on 20 September 2024. The issuance was RAKBANK’s inaugural Tier 2 issuance and was four times oversubscribed.
The issuance was rated BBB- by Fitch. It was admitted to trading on the International Securities Market of the London Stock Exchange and was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933.
Debt Capital Markets partner Alex Roussos, based in Dentons’ Dubai office, commented: “We are delighted to have supported the bank on its rare regulatory capital issuance – a very successful outcome following a significant amount of work and commitment from all stakeholders. The steady flow of Additional Tier 1 and Tier 2 instruments in our region is a positive sign of the ability of banks to access high-quality capital and the ongoing appetite of investors for these types of products”.
The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior legal consultant Katie Phillips, senior associate James Osun-Sanmi, senior associate Sana Siddiqui and paralegal Fatma Rajab.
