Citi

Game developer Linekong Interactive is guiding investors to the bottom of the price range for its IPO, which will now raise HK$1.09bn ($141m) on the Growth Enterprise Market (Gem) board, as the sluggish performance of the technology sector leads to a lukewarm response from investors.

Fiat Chrysler Automobiles raised $3.46bn on Wednesday, when it priced its $2.5bn mandatory convertible bond and $957m share offering, designed to strengthen its balance sheet and gain a new investor base in the US.

Standard Bank — Bulgaria

Kazakhstan state-owned oil and gas company KazMunaiGas is looking to close a loan of as much as $600m through its operating subsidiary Urikhtau before the end of the year, said bankers involved with the deal.

Insurance capital is finding unexpected favour even as most other European debt markets are stopped in their tracks. With insurers rushing to take in fresh subordinated debt ahead of new EU regulations next month, and investors increasingly receptive to higher yielding instruments from a less volatile sector than banks, more than €2.3bn ($2.85bn) of deals emerged this week. And as Nathan Collins and Graham Bippart report, more could emerge in the coming days.

Dubai Aluminium (Dubal) has set pricing terms and drawn as many as 20 banks for a $1.8bn seven year loan.

Cheil Industries became the biggest listing from South Korea since 2010 when it priced its W1.52tr ($1.4bn) IPO at the top of the range on the evening of December 5. The blockbuster demand for the trade posed a big challenge during allocations, with a handful of investors ending up with no stock at all while many bidders received just token allocations.

New York-listed Chinese medical technology provider Wuxi Pharmatech is cooking up a $150m dual tranche loan with one mandated lead arranger and bookrunner.

The Hong Kong IPO market was off to a busy week, with Dalian Wanda Commercial Properties and Linekong Interactive rushing to complete chunky deals before the markets break for Christmas. But the flood of activity also left one victim in its wake, as M800 chose to delay bookbuilding until January rather than compete with its rivals for investor attention.

Korea Electric Power Corp (Kepco) has raised W211.2bn ($190m) by exiting LG U+, selling its remaining 4.4% stake in the telecommunications company via a block trade on December 8. The deal, widely expected by investors, comes four months after the South Korean conglomerate halved its holding through another transaction that drew a good response from the market.

South Africa’s Standard Bank has signed a $700m three year term loan, while Nigeria headquartered Africa Finance Corporation looks set to close general syndication of its $300m deal by Friday.

A $3.2bn piece of Tata Steel’s $5.6bn multi-trancher has attracted a whopping $1.089bn in commitments during general syndication. The response follows a successful senior phase, which saw eight banks pile in.