Banks

Widening spreads for UK financial firms have opened up attractive opportunities for investors comfortable with the underlying resilience of the sector. Despite the risks that Brexit and competition from new sources pose, there were no failures in the Bank of England's stress test last week.

State Bank of India’s $500m loan is now in limited syndication after the senior lenders were mandated in October.

Policy lender China Development Bank printed a dual-currency, three-tranche transaction on Tuesday, raising $2.4bn-equivalent. While it paid just a couple of basis points of new issue premium for the dollar bonds amid a short-lived market rally, demand for the euro portion exceeded expectations.

Patrick Kwan, the former co-head of Barclays’ investment banking unit in Asia, has returned to the banking industry with Credit Suisse.

Zhuji Development, a Chinese local government financing vehicle from the Zhejiang province, has made its international bond debut with a well-anchored deal.

S4 Capital, the digital advertising and marketing services company created by Martin Sorrell, the former CEO of WPP, has agreed the terms of its second acquisition and is partly financing the deal through a £74m placing and open offer on the London Stock Exchange.

The European Union was the sole public sector borrower in the market on Tuesday, reopening its April 2033s in a week that bankers said is likely to be the “last very good window” for issuance before the end of the year.

Utility Thames Water has a signed a £1.4bn sustainability-linked revolving credit facility that its coordinators say is the first to be linked to an asset-specific Infrastructure GRESB rating.

A short surge in risk appetite on Monday was not durable enough for ING Groep to proceed with a dollar tier two bond transaction on terms it felt were reasonable this week. The Dutch firm became the latest FIG issuer to pull a trade after announcing initial price thoughts.

Jefferies, which is in the process of a huge expansion of its emerging markets offering, has hired an ex-Goldman Sachs trader in New York.

Wells Fargo's head of credit origination for the EMEA region has joined Intesa Sanpaolo’s loan syndicate desk.

A FIG and corporate DCM banker who worked at HSBC until August has started a new job at Fitch Ratings managing the firm’s client relationships.