Citi

Banks working Pakistan’s first sukuk since 2005 opened books on November 25, even though the borrower was still on its roadshow.

Korea East-West Power Co (EWP) provided a strong end to what has been a mixed year for Korean credits, selling a $500m 5.5 year bond on November 24. Investors thronged to the quasi-sovereign, which benefits from favourable government policies, at one point helping the order book reach eight times subscribed.

Chinese real estate developer Logan Property Holdings launched a two-day roadshow on Tuesday as prepares its maiden dim sum bond six months after selling its inaugural international issue.

Feiyu Technology International Co, a mobile game developer, has pressed the play button on its HK$765m ($99m) listing, opening books on November 25. The shares are being offered at a discount to some of the closest comparables, but bankers said valuation was not a priority for investors who are more concerned about the business having the right team in place to develop the next big game.

The recent spate of bond issuance in euros by US companies continued on Friday as Praxair, the Connecticut-based industrial gases group, sold a €500m 11 year bond with a minimal new issue premium.

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.