Wells Fargo Securities

A trio of Wall Street heavy-hitters plundered the dollar market as December got off to a flyer in the countdown to year end and a probable rate rise.

ICBC London raked in $500m from a new three year floating rate note on Monday, as the strength of its credit helped muster strong buy-side demand.

Abu Dhabi Commercial Bank increased the size of its first ever Asia focused loan from $300m to $600m in syndication, after pricing the deal generously to build relationships with new lenders.

CMB Financial Leasing Co launched its debut international dollar bond on Monday with three and five year tranches, as ICBC London rolled out a three year floating rate note.

Three corporate issuers pushed deals into a widening primary market on Wednesday with mixed results, as rates volatility kept new issue premiums elevated for borrowers.

Bank Muscat is preparing to refinance a $600m loan maturing in April next year and will likely aim to raise the same amount with its new facility, said one banker.

State-owned Abu Dhabi banks ADCB and NBAD have taken a very different approach to the loan market, with one bank paying up to bring in new lenders and the other demanding tight relationship pricing.

Seven deals launched Thursday as issuers came out in force to raise money ahead what is expected to be greater market uncertainty in November.

State Bank of India is getting ready to pick banks for a $750m refinancing, even as it is in the process of wrapping up an increased $500m syndicated facility.

Wall Street’s biggest firms wasted no time hitting the dollar market with total loss absorbing capacity (TLAC) related deals after unveiling a strong recovery in third quarter earnings.

Goldman is not the only US bank on the reputation radar this week. Wells Fargo’s sales scandal is a signal that, even in an industry as publicly loathed as banking (and we are well aware that the news media is another), reputation risk is to be taken seriously.

Industrial and Commercial Bank of China’s New York branch was forced to scrap a 10 year portion of a dual tranche bond on Monday because of a disagreement with investors over what it should pay. But all was not lost, as the issuer decided to make the most of the demand for the shorter tenor, taking home $1bn in the end, writes Addison Gong.