Citi

Investors have hailed the Investment Corporation of Dubai’s decision to issue a dollar sukuk as a sign that the emirate is genuine about its push to become the self-styled centre of the Islamic economy. ICD began roadshows on Thursday in Singapore as it lines up a dollar debut.

Technology firm Alibaba Group Holdings lodged its preliminary prospectus with the US Securities and Exchange Commission to great fanfare this week, as this much-hyped business moved a step closer to listing. However, key information on the IPO — such as how big it will be — remains in scarce supply, writes Rev Hui.

Delek & Avner has managed to slice over 50bp off initial price talk on the longest bond of its $2bn five tranche deal, bringing the final spreads safely inside Israel Electric Company, its closest comparable for the whole curve. Books stand at $13bn-$14bn.

Kazagro has mandated Citi, HSBC, Royal Bank of Scotland and Tsesna Capital to arrange a euro benchmark bond, the first bond in this currency from Kazakhstan since 2007. The bond will be no larger than €600m, according to Fitch Ratings.

Demand for Latin American bonds continues to surprise the very people selling the debt as Brazilian pulp producer Fibria Celulose became the latest issuer to pounce for a tightly-priced new issue to fund a liability management.

Investment Corporation of Dubai will hit the road on Thursday for a dollar debut, building on the recent momentum of United Arab Emirates issuers from the Dubai sovereign, Majid Al Futtaim, Mubadala and Abu Dhabi National Energy Company (Taqa).

Delek & Avner — the financing vehicle for Delek Drilling LP and Avner Oil Exploration LP — has released initial price thoughts on the $2bn five tranche bond it is raising to fund the operation of its Israeli Tamar gas field. The initial pricing thoughts offer spreads inside Israel Electric on the short end and wide to it on the long end. Israel Electric is Tamar's biggest customer.

Alibaba moved a stepped closer to its high anticipated IPO with the company filing its preliminary prospectus to the US Securities and Exchange Commission on May 6.

Sovereign, supranational and agency issuers should be able to take advantage of pent-up demand to print benchmarks at ultra-tight levels next week, following a popular print from the European Stability Mechanism on Wednesday which came 3bp inside initial price thoughts.

Anglo-Swiss commodities group Glencore Xstrata is preparing to host a bank meeting on Wednesday afternoon to discuss refinancing a $17.3bn loan that it signed last year.

Chinese company Huawei Technologies is set to make its debut in the European loan syndications market for a $1bn revolving credit facility, and has picked a group of nine banks to arrange the fundraising.

Nigerian Diamond Bank has picked Citi to arrange a roadshow for a senior unsecured dollar bond, having failed twice before to print subordinated debt via two other sets of lead managers. The bank is expected to print a $300m five year senior note, according to a syndicate official away from the senior note.