Citi

The Islamic Republic of Pakistan raised $2.5bn from a sukuk and a conventional bond on Thursday, finding strong support from the buy-side.

Alibaba Group Holding navigated every roadblock on its way to a $7bn issuance on Wednesday, sealing the second largest corporate bond from Asia after its own $8bn debut three years ago. The unexpected sell-off in tech stocks and US Treasuries posed only a small challenge to the tech giant’s debt market return, writes Addison Gong.

Emirates Sembcorp secured the second project bond this year from the United Arab Emirates on Wednesday, and after a two day execution, the new deal came flat to fair value.

Chinese local government financing vehicle (LGFV) Gansu Provincial Highway Aviation Tourism Investment Group Co launched a euro bond on Thursday, returning to the debt market a year after its international debut.

Greece was able to exchange more than €25bn of old bonds for new assets in an exercise designed to normalise the borrower’s curve. The offer ended on Tuesday, in the midst of discussions about the conditions that will be attached to Greece’s next tranche of emergency loans.

Emirates Sembcorp Water & Power revised guidance for a new issue downwards on Wednesday morning after taking orders of $2.3bn.

Srei Equipment Finance, a wholly-owned subsidiary of Srei Infrastructure Finance, filed a draft prospectus for its IPO with the Indian market regulator on Tuesday.

Sasseur Reit will put off launching its S$500m ($366m) IPO in Singapore until early next year, according to bankers close to the matter.

The Islamic Republic of Pakistan opened its dollar-denominated sukuk and conventional bonds for bids on Wednesday, just days after the country’s government was forced to bring in the army to tackle protests in the capital.

Tech giant Alibaba Group Holding is taking bids for a five-tranche transaction, putting its focus on the longer end of the curve. Hopes are high for yet another impressive deal from the Chinese firm, which last stunned the market in 2014 with the largest G3 bond on record from Asia ex-Japan.

The State of North Rhine-Westphalia launched a €2bn benchmark on Tuesday, printing with what leads said was zero new issue concession as the market prepares to shut down for year end.

Emirates Sembcorp Water & Power has opened books on its $400m amortising note. Some market participants say the move signals the next phase of GCC fiscal rebalancing as governments look to offload fully operational infrastructure projects onto international investors, though others are sceptical that the trend will really take off.