The board of directors of the bank passed the resolution to this effect today.
"Board of Directors has passed a resolution approving allotment of 3 years senior floating rate notes aggregating to USD 10 million, under the bank's MTN programme through its DIFC branch," the bank said in a regulatory filing.
A medium term note (MTN) offers investors higher coupon rate than short-term notes.
Corporates float these bonds for constant cash flow. It allows a company to tailor its debt issuance to meet its financing needs.
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