GCC

Bahrain-based Bank ABC has hired veteran banker Patrick Tan to lead its Asia business in Singapore, according to an announcement on Wednesday.

The Financial Conduct Authority’s plan to create a new premium listing category in the UK for companies controlled by sovereign states is already dividing market opinion. The move, put out for consultation on Thursday, looks like a bid to lure to the IPO of Saudi Aramco, which could be the biggest flotation ever, to the London Stock Exchange.

‘Business as usual’ was the tone this week in emerging markets, after last week’s losses were reversed and mandates began trickling through from across CEEMEA.

Topaz Marine, an oil field support services provider based in Dubai, is meeting investors for what will be the first bond from a Gulf Co-operation Council domiciled issuer since the beginning of the Qatar crisis.

The Dubai Gold and Commodities Exchange (DGCX) and the Abu Dhabi Securities Exchange (ADX) have announced their aim to work towards a unified clearing house in the United Arab Emirates.

Qatari banks have been involved in several syndicated loans in the past month, despite the stand-off between the nation and six other Middle Eastern states.

Abu Dhabi National Oil Co (Adnoc), the upstream, midstream and downstream oil company owned by the government of the United Arab Emirates, is considering floating minority stakes in some of its services businesses.

Aluminium Bahrain (Alba) has closed the first tranche of its $700m export credit agency (ECA) covered facility taken out in April to finance its Line 6 expansion project.

CEEMEA primary issuance will be clustered around the last few days of the week as Liquid Telecom is yet to announce price guidance on its $600m five non-call three year trade.

Foreign ministers from across the Gulf meet in Cairo on Wednesday to discuss the continued tensions with Qatar, as bank analysts predicted the Saudi Arabia-led coalition against Qatar will reject the country’s response to its demands.

Investor hedging for turbulent Brexit negotiations and US president Donald Trump’s legislative agenda has aided the growth of gold and currency derivatives contracts at the Dubai Gold and Commodities Exchange (DGCX), its CEO said on Sunday.

Standard Bank is planning to launch a $750m syndicated loan, and hopes to drum up enough interest to enlarge it to $1.25bn.