Citi

South Korea’s IPO market is struggling to gain momentum, buffeted by a drop in the benchmark equity index and an increase in surveillance of listing hopefuls by the financial regulator. With the market expected to remain fragile, caution appears to be the way to go, writes Jonathan Breen.

IDB Invest is out with a no-grow $500m three year floating rate note after completing a series of investor meetings. The trade will come after Kommuninvest and NRW.Bank issued in that part of the curve over the last week.

Petrochemicals company Saudi Basic Industries Corporation (Sabic) and Qatari bank Al Khalij Commercial Bank printed bonds on Tuesday with no sign of investors wearying of Middle Eastern supply despite $12.5bn having been sold from the region since the start of September.

The Republic of Albania returned to the capital markets for the first time in three years on Tuesday, selling a euro benchmark.

Indonesian power company Perusahaan Listrik Negara has closed its debut offshore loan after exercising part of the greenshoe option.

The Republic of Albania hit screens on Tuesday to print a €500m seven year no-grow and, in the face of strong demand, was able to pull in the spread.

Petrochemicals company Saudi Basic Industries Corporation (Sabic) is in the market on Tuesday with a dual tranche dollar deal.

The Independent State of Papua New Guinea made its much anticipated debut in the international debt market on Thursday, selling a $500m bond after years of flirting with investors.

Indian property lender Aavas Financiers wrapped up a three-day offer period for its Rp17.34bn ($239.2m) IPO on Thursday with just 97% of the deal covered.

Philippine food and beverage producer and distributor Universal Robina Corp is gauging appetite among banks for a NZ$420m ($278m) loan to refinance an old borrowing used to back the acquisition of New Zealand’s Griffin’s Foods.

Corporate dollar bond issuance ended a bumper month with a whimper as borrowers fought shy either side of the Fed’s September meeting.

Gulf International Bank (GIB) has picked banks for a five year dollar benchmark, joining the stream of high quality issuance from Middle Eastern borrowers.