GCC

Standard Chartered is paying $1.1bn in penalties to US and UK authorities in relation to breaching rules relating to sanctions and financial crime. This exceeds the $900m provision the bank announced in February for sanctions fines.

Finablr, the Abu Dhabi-based cross-border currency and financial technology holding company which owns Travelex, has filed initial paperwork ahead of announcing an intention to list on the London Stock Exchange.

Network International, the Dubai-based payment company, closes books on its IPO on Tuesday and has set what it feels is a generous range for investors, with a view to trading up when it is admitted to the London Stock Exchange on Wednesday.

Saudi Aramco is making a splash with its bond market debut, gathering a staggering $85bn of orders for a six tranche deal expected to exceed $10bn.

Emirates NBD (ENBD) has renegotiated the price it is paying to buy Turkish lender Denizbank from Sberbank after the fall of the lira since the deal was first announced last year. Some bankers have wondered how the acquisition will be financed, but ENBD has told GlobalCapital the bank will not raise debt to fund the deal.

Bookrunners on Dubai-based payments company Network International will close books on the IPO a day early, and have increased the size of the offering, after receiving huge demand for stock.

Indications of interest for Saudi Aramco’s planned bond issue were understood to have topped $15bn on Thursday morning in London, with three days left of the roadshow still to run. Contrary to press reports, investors have been told on the roadshow that the cash raised will not be used directly to fund the acquisition of Saudi Basic Industries Corp, as that is not expected to take place for another six to 12 months, writes Francesca Young.

Rating: Aa3/AA-/AA-

It is clear that Saudi Aramco does not need the cash from the bond it looks set to raise next week. With that being the case, investors and bankers should bet on the lower end of any stated size range, and other Saudi issuers should be hoping that tight pricing is the priority

Indications of interest for Saudi Aramco’s bond are understood to have hit over $15bn, with the roadshow not finishing until Monday April 8.

The National Bank of Ras Al-Khaimah came to market for $500m on Tuesday, managing to slice 25bp from initial price thoughts to the final spread.

Saudi Aramco’s jumbo M&A deal has a stranglehold on emerging markets debt investors’ attention and is dominating their schedules.