Wells Fargo Securities

State Bank of India has allocated its latest $500m borrowing, finding demand from eight new lenders during syndication.

The dollar market ended its record-breaking run of issuance this week as uncertainty around the outcome of the UK referendum vote caused buyers to take flight and spreads to widen.

Europe’s investment grade corporate bond market has almost caught up with last year’s volume, after a dire start to the year, but issuance in the next nine days is likely to be very quiet, leading up to the Brexit referendum on Thursday June 23.

Cott Corp, the US-Canadian drinks maker, on Thursday sold a €450m bond to support its buyout of Eden Springs of Switzerland.

Credit Suisse took advantage of highly favourable funding conditions to take out $2bn as it took a further step towards meeting its total loss-absorbing capacity (TLAC) requirements.

Scotiabank de Costa Rica has included Taiwanese lenders in its list of invitees for a $75m two-tranche fundraising, following in the footsteps of many other borrowers from Latin America that are looking to Asia for liquidity.

ICBC continued its debt-raising spree on Monday, with the New York branch becoming the third of the lender’s units to sell a bond this month. But while the deal resonated well with Chinese bank treasuries, signs of investor fatigue are starting to appear.

Nasdaq, the US stock exchange, received an enthusiastic reception from investors as it returned to Europe’s bond markets after a three year absence and widened its investor base.

Wells Fargo has added Shaun Dreyer, former European loans head at Bank of America Merrill Lynch, to its US loans team and picked up a new director in the UK.

Loans for financial institutions continue to flourish in general syndication, with deals for State Bank of India and Malaysia's Maybank progressing smoothly.

Agricultural Bank of China New York raised $1.25bn from a dual-tranche offering on Monday, hitting the market early given expectations of more supply over the week. The issuer sealed a bigger floating rate note as it provides protection against volatility induced by the Federal Reserve, but executed the trade in an unusual manner.

Agricultural Bank of China New York has returned to the offshore bond market, having started bookbuilding for a dual-tranche dollar transaction on Monday morning.