Wells Fargo Securities

Banco Santander has launched its €7.07bn fully underwritten rights issue to support its acquisition of the failed Banco Popular Español, saying it expects to make a return on investment on the deal of 13% to 14% by 2020.

GarantiBank International (GBI), a Dutch subsidiary of Turkiye Garanti Bankasi, fully drew a $250m one year loan, in order to finance the firm’s global trade activities.

Dollar borrowers wrapped up their funding projects before the July 4 holiday weekend and dodged a global sell-off as central bankers pointed to the end of monetary stimulus.

GarantiBank International (GBI), a Dutch subsidiary of Turkiye Garanti Bankasi, has signed a $250m loan that was oversubscribed by 19 banks, according to a banker on the deal.

A call by US Treasury secretary Steven Mnuchin this week to lessen the capital burden on banks had a bigger effect on US rates than a well telegraphed Federal Reserve target rate rise, creating some breathing space in long end swap spreads. That could ease long dated public sector bond issuance, but with euro market offering enviable duration funding, there may not be a queue of borrowers ready to print, writes Craig McGlashan.

Kommunalbanken built a doubly subscribed book on Tuesday for a long three year dollar deal that bankers said should give confidence to the market after a similar trade from KommuneKredit two weeks ago fell short of full subscription.

State Bank of India, which wrapped up a $500m syndication with 21 lenders this week, is already eyeing a new borrowing of about the same size, said bankers.

Industrial Commercial Bank of China’s London branch and subsidiary signed a self-arranged $1.25bn facility in an oversubscribed deal with 16 banks on Tuesday. The deal follows a spate of lending by the bank in emerging market deals.

A $500m three year borrowing for State Bank of India has been allotted among 21 lenders, eight of which joined during general syndication.

A trio of benchmark issuers hit the dollar market on Thursday to ensure June got off to a brisk start as investors remained in risk-on mode in a holiday shortened week.

DBS Group Holdings is preparing its comeback to the international bond market, having mandated leads for a senior outing denominated in dollars.

The stampede by corporate dollar issuers continued into a second consecutive week with Italian energy giant Enel printing the largest ever deal by an Italian corporate in the US investment grade market, and the second biggest Yankee deal of 2017.