EM CEEMEA CREDIT: National Bank of Ras Ak-Khaimah: FV for PNC6 $300mnWNG AT1

(RAKBNK; Baa1pos/NR/BBB+) 

IPT @ 7.00% area            FV @ 6.50% area

• We sketch our FV considerations at z+300bp or 6.50% area. 

• We look at comparables including UAE’s Sharjah Islamic Bank in Sukuk format SIB 6.125 PERP charting at z+280bp and higher rated Emirates NBD EBIUH 6.25 PERP charting at z+215bp (see chart below).