After a slow start to the year, primary issuance from the Gulf region is showing signs of a pick up, with Sharjah Islamic Bank (SIB) and Islamic Development Bank (IDB) both printing Islamic paper last week.
Emirates kicked off investor meetings on Monday which could be followed by a potential dollar-bond.
“If I were to say how many bonds could get done generally in the market over the next six months, maybe 10 to 20 in the Gulf region,” V. Shankar, the lender’s global chief executive for non-US operations, said.
“There is huge demand, and I think what is happening is that emerging market bonds are becoming kind of staple stuff for fixed income investors ..., ” he said.
Standard Chartered was an arranging bank on the SIB issue, which raised $400 million in a five-year bond earlier this month, and in May, helped arrange a $1.5 billion dual tranche bond for Abu Dhabi investment vehicle Mubadala.
But the lender has no plans to shift headquarters away from London, Shankar said.
“There is no intention at this point in time to move.”
Standard Chartered has previously said its rationale for keeping its headquarters in London is weakening as UK banks face being at a disadvantage to rivals on taxes.
Shankar said the regional political upheaval had not made an impact on the bank’s operations.
“A large part of our business, 70 percent, in the Middle East region is UAE-centric, and the UAE continues to do very well. We are not impacted and we do well,” Shankar said.
