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Saudi Arabia’s $9bn sukuk was, for the second time, a staggering market debut from the sovereign. But size came at a price and the issuer paid up over its conventional curve, writes Virginia Furness.

Japanese lender Daiwa was the only borrower to hit the US market this week ahead of an expected uptick in issuance as big US banks emerge from earnings blackout.

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The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.

China Huishan Dairy Holdings’ credentials have gone from bad to worse after it said on Monday that an event of default has been declared on its $200m loan, once again turning the spotlight on lending to non state-backed firms. While some bankers shrugged off the matter as a one off, others fear that getting lending approvals is set to become even more difficult. Shruti Chaturvedi reports.

Bank of China hit Asia's debt market hard on Tuesday, unleashing a huge deal spanning four currencies and six tranches. The $3.1bn-equivalent deal was designed to make a statement to the market that it should not forget China’s Belt and Road initiative, DCM bankers said. Morgan Davis and Addison Gong report.

French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.

Invitations are out for a $500m three year borrowing for State Bank of India, which has lined up 13 lenders to lead the deal with the money funded in March.

Mubadala raised $1.5bn in the bond market on Tuesday with a dual tranche seven and 12 year deal, the deal was well subscribed but didn’t come as tight to the sovereign as Mubadala’s previous issue.

Orders for Saudi Arabia’s debut sukuk were over $25bn on Wednesday morning allowing the borrower to tighten pricing ever closer to its conventional curve.

The slightly softer tone in the Asian markets on Tuesday did not deter issuers from flocking to the debt market, with as many as eight borrowers bagging new bonds. And the momentum continued on Wednesday, with a handful of firms opening their transactions.

Wobbles in eurozone government bond secondaries this week failed to deter a strong showing from a pair of public sector issuers in primary on Tuesday. Unédic found strong demand and tightened from guidance on its longest dated benchmark ever, while Austria broke a series of records with a 10 year euro benchmark.