Pakistan

Pakistan’s latest 10 year transaction was trading well in the secondary market on Friday, buoyed by a wider recovery in credit and equities.

Pakistan pushed on with a benchmark dollar bond on Thursday, with positive investor feedback giving leads the confidence to open books despite a tricky backdrop.

The Islamic Republic of Pakistan has chosen three banks to work on a potential dollar offering in conventional format, days after Fitch assigned the sovereign a junk rating.

Standard & Poor’s has raised South Korea’s sovereign credit rating by one notch to AA- from A+, while Fitch has assigned a first-time rating of B to Pakistan because of the country’s weak fundamentals.

Pakistan made history this week with the signing of an agreement to merge its three bourses under the banner of the Pakistan Stock Exchange (PSE). The move is set to transform its nascent equity capital market, as the country seeks to raise its international profile among foreign investors, writes John Loh.

Regulators in Pakistan are close to signing a memorandum of understanding to merge the country’s three stock exchanges, in a move aimed at consolidating trading volumes and issuers onto a single platform.

The State Bank of Pakistan (SBP) has put together a draft framework to identify, regulate and supervise its domestic systemically important banks (D-SIBs).

CICC has filed its long-awaited IPO with the Hong Kong Stock Exchange, with the Chinese investment bank eyeing $1bn in proceeds. The trade is slated to launch at the end of September via leads ABC International and CICC, but interest is already building.