The National Bank of Ras al-Khaimah (Rakbank) has raised an additional $300m in funding as an add-on to an existing $500m bond.

The funding falls forms part of the bank’s $1bn Euro Medium Term Note (EMTN) programme, which was set up in June 2014.

The original bond is due on 24 June 2019 and pays a rate of 3.250 per cent. Last year’s bond was the Abu Dhabi-listed bank’s debut issuance.

According to an official statement, the bank increased its bond to take advantage of the “low cost financing opportunities” that prevail in the bond market.

Standard Chartered Bank and National Bank of Abu Dhabi are the joint arrangers and joint managers on the deal.