A Royal Commission in Papua New Guinea has heard evidence that accuses UBS of exploiting the country in a complex 2014 loan, which it is claimed enriched the Swiss bank inappropriately and was awarded over the objections of the then-Treasurer of PNG. It will report its findings in September.

Last year was key in the development of one of Oceania’s more unexplored yet potential-rich economies. Its inaugural $500 million sovereign dollar bond caught light and its hosting of the APEC Summit was a hit. The country now needs investment to unlock myriad opportunities in agriculture, power, infrastructure, telecoms, financial services and tourism.

$500 million bond was third attempt since 2013; makes Credit Suisse loan commitment look shrewder.

Bank South Pacific dominates most of the markets that it serves, but it is not big enough to find an exchange suitable for a long-discussed second listing.