Citi

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.

One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday.

UK cable and mobile operator Virgin Media on Wednesday plugged its refinancing bond offering into the sterling market on Wednesday, raising total potential sterling high yield bond sales to near £1.7bn so far this year.

British American Tobacco’s acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry, loan bankers believe.

Malaysian conglomerate Genting Group raised $1bn from its inaugural dollar bond, issued through subsidiary Genting Overseas Holding Company (GOHL).

State Bank of India wrapped up Asia ex-Japan's first dollar bank issuance of the year while navigating a crowded primary market this week, snapping up $500m from a senior five year.