JP Morgan

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.

Turbulence hit a subordinated debt market that seemed to be about to hit its stride this week, as deals from Deutsche Bank and Erste Group slumped in the secondary market straight after sale.

Heavyweight borrowers Citigroup and Westpac Banking Corp printed deals tailored to capture investor preference for short-dated paper in the US market this week.

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.

mBank was back in the euro market on Thursday with a €500m seven year note. The Polish bank is looking to become a regular issuer and took the opportunity to extend its curve, printing with a 10bp-15bp new issue premium.

UK biscuit maker United Biscuits has given guidance on the currency split of the £760m-equivalent term loan ‘B’ slice of its leveraged buyout by Yildiz.

Geberit, the Swiss bathroom fittings maker, has allocated its Sfr1.29bn (€1.07bn) loan for the purchase of Sanitec, a Finnish competitor. Five Swiss and five foreign banks are in the deal.

Belden, the US cable maker, has tapped its 2023 bond for €200m, triggering a one notch downgrade by Moody's to Ba2 — but investors shrugged off the change.

Alibaba was due to price its landmark bond in the early hours of Friday having launched final price guidance after Asian markets closed the night before. Bankers were staying tight lipped but investors said the deal could easily reach $10bn though debate was divided about what is fair value, write Lorraine Cushnie and Narae Kim.

mBank was back in the euro market on Thursday with a seven year note. The Polish bank is looking to become a regular issuer and is taking the opportunity to extend its curve this time round.

Agricultural products supplier Olam International has mandated 19 banks for a $2.475bn triple tranche refinancing of a $2.22bn bridge loan that it sealed in May.

Big Yellow Group, the UK provider of self-storage space, on Wednesday successfully completed the placing of over 14m new ordinary shares at Tuesday's closing share price of £5.475.