Palm Holdings launches $300M secured CLN programme on SIX

Palm Holdings Ltd said its insurance-backed private placement credit linked note programme is now open for subscription, starting with a $10 million tranche and a planned size of up to $300 million. The SIX Swiss Exchange-listed structure is meant to give institutional investors exposure to the Abu Dhabi-based precious metals group through a secured, cross-border capital markets format.

Why it matters: - Palm Holdings is using a listed, insurance-backed structure to raise institutional capital against its precious metals platform. - The programme could scale from an initial $10 million tranche to as much as $300 million. - The structure is designed to give professional investors access to a UAE-based metals business with international settlement and exchange infrastructure.

What happened: - Palm Holdings Ltd announced that its institutional private placement credit linked note programme has completed its insurance-backed credit enhancement process. - The secured programme is now available for subscription. - The first tranche is a $10 million issuance. - The same approved structure can scale to a total programme size of $300 million. - The notes are listed on the SIX Swiss Exchange. - The notes are eligible for settlement through recognised international securities infrastructure, including Euroclear.

The details: - Palm Holdings is headquartered in Abu Dhabi Global Market. - The CLN uses a Credit Risk Insurance Policy with an A- rated insurance capacity. - Best Meridian Insurance Company fully reinsures the policy, with AM Best ratings cited for the insurer. - The insurance structure is intended to provide additional credit support to investors, subject to the policy terms and conditions. - Palm Gold Refinery FZE is one of the leading precious metals refineries in the UAE. - SEC Jewellery LLC is one of the UAE’s leading precious metals trading companies. - SEC Jewellery LLC has trading relationships and market access across the Middle East, India, Hong Kong, Cyprus and Bulgaria. - Palm Holdings operates across sourcing, refining, trading and hedging. - Palm Holdings has expanded refining capacity and increased throughput over recent years. - The company has also built institutional-grade infrastructure to support growth.

Between the lines: - The launch comes as investors show more interest in real assets, commodities and precious metals. - Palm Holdings is trying to connect physical commodity operations with conventional capital markets. - The SIX listing and securities-settlement setup are meant to make the structure more usable for professional investors. - The insurance wrapper is a signal that credit support matters as much as the underlying commodity platform in this type of financing.

What's next: - Palm Holdings will seek subscriptions for the first $10 million tranche. - The company can expand the programme toward the full $300 million size if demand supports it. - The group said it aims to continue building an institutional-grade precious metals platform from the UAE.

The bottom line: - Palm Holdings is pairing precious metals operations with exchange-listed, insurance-enhanced financing to widen access to institutional capital.