Citi

Export Development Canada is circulating initial price thoughts for a dollar benchmark in what is set to be a very short window for issuance ahead of the Thanksgiving holiday in the US on Thursday. Bankers away from the mandate said that the price thoughts were aggressive but that the issuer’s rarity and the deal’s limited size should make it a success.

Pakistan has started the roadshow for a benchmark dollar Reg S/144A sukuk — its first since 2005. Meetings start in the UAE on Monday 24, before heading to London and Singapore on Tuesday 25.

Korea East-West Power Company has opened books for what it looks to be the country’s last offshore bond this year. The five and half year 144A/Reg S bond had attracted an order book of $1bn by Monday afternoon.

Cheil Industries threw open the books to its W1.52tr ($1.4bn) IPO on November 24 to much fanfare from investors, with early indications showing more than enough demand to cover the whole trade at the top of the price range. But the complexity of the company's structure, accompanied by restrictions imposed by the South Korean regulator on allocations, mean challenges still remain.

The Islamic Republic of Pakistan is set to tap the offshore debt market for the second time this year and is meeting investors for a dollar sukuk, which could mark the end of the sovereign’s nine year absence from Islamic financing.

Chile has mandated banks for a roadshow with a multibillion dual currency issue expected to follow and mark the return of Latin America’s best rated sovereign to international bond markets after a two year absence.

South Africa’s FirstRand bank was the latest in a long line of pulled deals from CEEMEA on Thursday when it pulled a five year dollar bond on Thursday after announcing initial price thoughts.

Israel Chemicals pulled in a $4.3bn book for its debut bond on Thursday, proving that quality still sells in a market where several deals have been pulled this week, including by KazStroyService on Monday and South Africa’s FirstRand Bank on Thursday.

Alibaba amassed a whopping $55bn of orders from investors for its landmark $8bn deal which ranks as the biggest G3 bond from an Asian ex Japan issuer. But some investors opted to stay on the sidelines after pricing was tightened up to 27bp across the six tranches.

Syndication for the $3.2bn portion of Tata Steel’s $5.6bn borrowing is progressing well, with the deal already receiving $750m worth of commitments, said a banker. Nine banks have committed so far and a handful more are expected to join before close.

High-grade issuers swamped the dollar market in the early part of the week trying to get in before Alibaba’s debut $8bn offering on Thursday while expecting a deluge of M&A related financings.

Auctions will be the main source of euro issuance from sovereigns, supranationals and agencies for the rest of the year, after the European Stability Mechanism this week opted against sounding banks for a syndication during its last deal window next week. But the market was strong for issuers that did come this week, with a pair of deals priced at the tight end of initial price thoughts.