Mubasher: Standard Chartered, a British multinational banking and financial services company, has topped the list of bond sales’ arrangers in the Middle East and North Africa region (MENA), climbing four places from its rank in 2017.

The London-headquartered company achieved a pre-tax profit of $3 billion in 2017 after two years of losses, according to data released by Bloomberg.

"The variety of bond issues this year, including governments, companies, banks, Islamic issuers, and private placements, has suited Standard Chartered’s diverse product offering," the bank’s head of capital markets for Africa and the Middle East Salman Ansari commented.

Bond sales in MENA surged 20% in this year, recording $58 billion, as governments strive to offset budget deficits caused by low oil prices.

The Middle East and Africa, where Standard Chartered operates in 25 markets, is the British bank’s third-biggest region by income after greater China and North Asia, and Southeast and South Asia, Bloomberg reported.

“Historically, we have seen issuance concentrated in one sector, while this year you have seen a broad spectrum of sectoral issuances across financial institutions, sovereigns and corporates,” Ansari said.