Bank of America

A storming start to the supranational and agency sterling market showed no signs of abating this week as issuance volume reached a record year-to-date high — and another issuer lined up a deal for Friday.

European stocks rose on Thursday, as European Central Bank president Mario Draghi offered a supportive, if vague, acknowledgment of the market’s struggles. But bankers said they would need several consecutive days of rising markets to regain confidence in this quarter’s prospects for primary issuance.

China’s Haier Group is expected to use bank loans to fund up to $3.3bn of its forthcoming $5.4bn acquisition of US-based GE Appliances. Bankers have predicted an onshore China takeout, but the fundraising structure has not yet been disclosed, reports Shruti Chaturvedi.

Clydesdale and Yorkshire Bank Group, the UK mid-sized bank being spun off by National Australia Bank, had by day three of bookbuild received more than enough demand to place all of the shares in its London IPO.

Veritas Technologies, the US software firm that Carlyle Group is buying from Symantec, will aim to complete a revised $7.4bn sale next week after failing to secure financing in November.

KEB Hana Bank battled choppy markets with its first international outing after its merger. As volatility heightened during bookbuilding, the lender opted to scale back the size of the deal in exchange for tighter pricing.

Tata Power subsidiary Bhira Investments is understood to have mandated six banks to arrange a refinancing of a $460m loan wrapped up in October 2014.

India's Quick Heal Technologies wrapped up investor meetings for its $70m-$80m IPO last week and plans to open books in mid-February, according to sources.

Bank of America Merrill Lynch has completed a plan that has been in the works for 18 months, by promoting James Fleming and Sam Losada to co-heads of EMEA ECM.

Lower litigation costs helped Bank of America's wholesale business in the fourth quarter last year, but profits took a hit as the bank built its reserves against losses on its energy lending.

Equity capital market bankers are finding it hard to feel optimistic about this quarter. By close last night, European stocks had already fallen 8.8% so far this year, and few deals had been launched.

Tata Steel's $1.5bn refinancing has been launched into general syndication after a senior phase that began in early December.