The National Bank of Ras Al Khaimah has commenced accepting bids for its first issuance of 5-year social bonds, according to a document from an arranging bank that Reuters reviewed on Thursday.
The document indicates that the initial pricing guidance for this debt offering is approximately 170 basis points above U.S. Treasuries. The bank intends to issue benchmark-sized, senior unsecured social bonds denominated in US dollars under its $2 billion Euro Medium Term Note (EMTN) Programme.
The proceeds from this bond sale, which is anticipated to be priced later today, will be utilized to finance or invest in eligible social projects, as stated in the document.
