Palm Holdings launches $300M secured CLN programme on SIX

Palm Holdings Ltd has opened the first $10 million tranche of a secured credit-linked note programme that can scale to $300 million. The UAE precious metals company says the insurance-backed structure is listed on the SIX Swiss Exchange and designed to give institutional investors exposure to its bullion platform.

Why it matters: - The programme gives institutional investors a new way to access a UAE-based precious metals platform through a listed, securities-style structure. - The insurance-backed credit enhancement is meant to add credit support and make the notes more attractive to professional investors. - Palm Holdings is tying its physical commodities business to global capital markets infrastructure.

What happened: - Palm Holdings Ltd said on 27 July 2026 that its institutional private placement Credit Linked Note programme completed its insurance-backed credit enhancement process. - The secured programme is now open for subscription. - The first tranche is a USD 10 million issuance. - The approved structure can scale to a total programme size of USD 300 million. - The notes are listed on the SIX Swiss Exchange. - The notes are eligible for settlement through international securities infrastructure including Euroclear.

The details: - The CLN uses a Credit Risk Insurance Policy backed by an A- rated insurance capacity. - Best Meridian Insurance Company fully reinsures the policy, with the insurer rated by AM Best. - The insurance structure is designed to provide additional credit support to investors, subject to the policy terms and conditions. - Palm Holdings said the structure gives institutional investors exposure to its integrated precious metals platform. - 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 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 activities. - The group has expanded refining capacity, increased throughput and built institutional-grade infrastructure in recent years.

Between the lines: - The launch comes as investors show more interest in real assets, commodities and precious metals. - Palm Holdings is positioning its operating business as an institutional investment platform, not just a commodity processor. - The SIX listing and insurance wrapper suggest an effort to make a commodity-linked product more familiar to global fixed-income investors.

What's next: - Palm Holdings can increase issuance under the approved programme up to the $300 million cap. - The company is likely to use the listed structure to widen access to its precious metals platform among professional investors. - Further subscriptions will depend on investor demand and the terms of the secured notes.

The bottom line: - Palm Holdings is using a listed, insured CLN structure to connect its UAE precious metals business with institutional capital markets.