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National Bank of Ras Al Khaimah (Rakbank) will raise a further $300 million through a re-opening of its due June 2019 bond, a document from lead arrangers showed.

The final price for the issue has been set at 100.875, the document showed, following initial guidance at 100.875, plus/minus 0.125, earlier on Monday. The tap takes the overall size of the bond to $800 million.

The sixth-largest lender by market value on the Abu Dhabi bourse will complete a process known as a tap, from its $500 million 3.25 per cent 2019 bond.

Order books for the bond tap have crossed $500 million, as per the document.

Rakbank is rated Baa1 by Moody's and BBB+ by Fitch and has picked National Bank of Abu Dhabi and Standard Chartered to arrange the transaction.

The tap-issued bonds are fungible with the bonds issued earlier in the series on March 2, it showed.