Citi

The Islamic Republic of Pakistan raised $1bn from a five year sukuk at a record low coupon on Wednesday. The deal affirmed the country’s ability to raise funds from international investors, which are growing more confident about its economic prospects.

MTN Group, the South African telecoms company, priced $1bn of five and 10 year bonds on Wednesday in line with initial guidance that some investors said was generous.

India’s UPL Corp executed its first dollar-denominated bond on Wednesday, benefiting from a quiet primary market, the strength of its credit and an extensive marketing effort beforehand.

French glass packaging maker Verallia on Wednesday began testing investors’ thirst for risk with a €500m pay-if-you-can (PIYC) bond, the first of its kind issued since October 2015.

Chinese data firm GDS Holdings has begun pre-marketing its $300m US listing with bookbuilding expected in the next two weeks. Logistics company ZTO Express has also chosen to float in the US.

For the nine months through September, Morgan Stanley topped the Asia ex-Japan ex-onshore China ECM bookrunning league table with $9.41bn in deals, according to Dealogic. It was also the only bank with double-digit market share.

After a day of caution on Wednesday, when some issuers held back from the primary market after spates of volatility last week, unrated Air France-KLM timed its €400m deal right, showing that investors will still play for yield in higher risk names.

Saxony-Anhalt increased the size of a new three year dollar deal on Wednesday after squeezing pricing tighter twice during two days of marketing.

Automotive component manufacturer Endurance Technologies has opened books for its Rp11.6bn ($173.4m) IPO in India on solid footing, raking in orders from 24 anchor investors.

GDS Holdings, which is heading to the US to go public, has begun premarketing its IPO, with bookbuilding expected in the next two weeks, according to a source close to the transaction.

India’s UPL Corp opened books for its inaugural G3 bond on Wednesday. It is the only deal to have launched so far this week in Asia ex-Japan with China on a one-week holiday to celebrate its National Day.

Samsung BioLogics Co has started gauging investor interest for an up to W2.25tr ($2bn) IPO on the main Kospi board in South Korea, with bookbuilding set to begin in mid-October.