Wells Fargo Securities

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.

Turkish bank Yapi ve Kredi Bankasi has refinanced the 367 day credit facility it signed in April last year, maintaining the size of the lender group.

Rexel, the French distributor of electrical supplies, on Wednesday sold €650m of unsecured notes on a day when investment grade buyers moved into the high yield market.

Bank of China Luxembourg has signed its debut syndicated loan after ICBC’s London subsidiary signed a $1bn deal last year.

JP Morgan paid a negligible premium for a 10.5 year euro senior unsecured deal on Monday, as it became the last major US bank to issue following earnings.

Hammerson, the UK property company, has signed a £420m revolving credit facility with eight banks, including four new lenders.

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Wells Fargo

Vakifbank has bucked the trend in Turkish bank loan refinancing. Its latest $920m-equivalent loan raised a similar amount of dollars as last year despite its compatriots enduring falling commitments from lenders in the currency.