Wells Fargo Securities

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.

Wells Fargo took a rare decision to delay the launch of a dollar-denominated senior transaction this week, after S&P revised the bank’s ratings outlook to negative.

Industrial and Commercial Bank of China’s New York branch decided to scrap a 10 year portion of a dual-trancher on Monday, as mismatch on pricing led to investors shunning the tenor in favour of a five year.

Panama-based BAC International Bank is looking to Asia for a $75m three year borrowing, via two lead banks.

BDO Unibank in the Philippines and Industrial and Commercial Bank of China New York branch made their respective returns to the dollar bond market on Monday.