Citi

Rating: Aa3/AA/AA-

The major US banks posted surging fixed income numbers in the fourth quarter last year, driven by the Donald Trump and Fed-inspired steepening yield curve, and a flurry of trading around the election itself. This performance turned the year’s normal progress on its end, as a strong fourth quarter made up for a lacklustre first.

The tally of sterling high yield bond sales in January is on course to reach £2bn, a sensational reversal from 2016’s entire first quarter without issuance in the currency, with several issues this week despite news that the UK will seek to leave the EU single market.

Rating: Aaa/AAA

British American Tobacco’s (BAT) acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry which could see financing deals rolling up to capital markets, loan bankers believe. Silas Brown reports.

Wall Street banks celebrated a surge in earnings by flooding the dollar market with multi-billion dollar trades featuring callable tranches this week.

The European Investment Bank added a Z1.5bn ($360m) tap to its May 2021 Polish zloty bond on Wednesday. The supranational has pledged to build a curve in the currency, printing three times so far.

Typically an early mover in the race to fund, Turkey raised $2bn on Wednesday with an SEC-registered note maturing March 2027, a third of the total $6bn it plans to raise this year. But the sovereign has plenty of hurdles ahead, writes Virginia Furness.

The tally of sterling high yield bond sales in January is on course to reach £2bn after Jaguar Land Rover on Thursday launched a new £300m offering, adding to a recent surge of deals in the currency.

The Republic of the Philippines grabbed $2bn from investors Wednesday, after rolling out a new 25 year note with a tender offer for existing investors.

On Wednesday, Citi reported a boost in profit during the fourth quarter of 2016, propelled by increased trading activity in light of year-end political uncertainty.

The European Investment Bank scored an impressive €5bn with a 10 year Earn on Wednesday.