First Lebanese issuer in 12 years joins LSE

Byblos Bank became the first Lebanese issuer to list in London in 12 years as trading in the banking group's global depositary shares started yesterday. The shares, which have an initial market value of approximately $80m (£56m), have been issued under a sponsored facility and admitted to trading on the main market of the London Stock Exchange. Tracy Pierce, the head of equity primary markets at the London Stock Exchange, said the admission "demonstrates that despite very difficult market conditions our markets remain open and attractive to international issuers who want to trade alongside their global peers."