Wells Fargo Securities
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DirectBooks, which plans to bring a new issuance platform for bond markets, has not ruled out the possibility of a partnership with other providers. -
The Federal Reserve has come under fire for failing to oblige banks to stop paying dividends at a time of extreme economic uncertainty. The results of its latest stress test showed this week that a quarter of US banks could approach their minimum capital ratios if the coronavirus pandemic leads to a double-dip recession.
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The Inter-American Development Bank has bumped up its 2020 funding programme by almost a quarter to fund its response to the coronavirus pandemic.
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Bank of East Asia (BEA) sold the first Basel III compliant tier two dollar bond in Asia since the global outbreak of Covid-19. It raised $600m on the back of a book that was more than 8.5 times oversubscribed at its peak.
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European banks are expected to hit the dollar market in force over the coming weeks as they look to take advantage of an extended rally in spreads.
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Bank of America became the first global commercial bank to print a Covid-19 response bond this week.
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The Canton of Geneva took its 2020 funding up to almost Sfr1.2bn ($1.2bn) this week with a triple tranche deal — the most it has funded in a single year since 2013, according to Dealogic. Elsewhere, an attractive basis for dollar funders led a pair of rare issuers to return to the market.
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Rabobank has become the first Dutch bank to enter the credit markets in over two months, after launching a non-preferred senior bond on Wednesday. The issuer tacked on a call option, which bankers say are cheap to deliver in the market at the moment.
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Crédit Mutuel Arkéa paid a 'generous' 7bp of new issue premium for a preferred senior bond on Tuesday, taking advantage of a quiet market to attract attention from investors.
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Wells Fargo was set to raise €3bn of senior debt in the euro market on Friday, becoming the first US bank to visit the currency following first quarter results.
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A trio of Wall Street heavyweights tapped the dollar market in size this week, with investors pouring cash into new deals.
