Wells Fargo Securities

Doha Bank is the latest lender to join the parade of financial institutions looking to gain access to Asian bank liquidity for their syndicated loans. The lender has launched a $500m fundraising that requires a chunky minimum commitment.

Industrial and Commercial Bank of China New York opened bookbuilding for a dual-tranche senior dollar bond on Thursday, while Future Land Development Holdings has started wooing high yield investors with a new two year offering.

FIG bankers breathed a sigh of relief at the US Federal Reserve’s proposal, released last Wednesday, for implementing Total Loss Absorbing Capacity (TLAC) rules for US Global Systemically Important Banks (G-SIBs), which is seen as less severe than may had anticipated. But the rule as proposed could damage secondary market liquidity.

October has been one of the worst months in recent years for FIG issuance. But while some stability — and even a couple of issuers — returned to markets this week, bankers fear that elevated premiums will keep issuance suppressed. November will reveal all about the state of FIG issuance, writes Tyler Davies.

Borrowers enjoyed tight pricing in the US market this week, as a sharp drop in supply helped bring stability to the market and triggered a fall in new issue premiums.

Wells Fargo got the week's financial institutions bond market off to a strong start with a large seven year deal giving syndicates hope that others would follow in euros this week. They were disappointed.

Wells Fargo printed an impressive second Swiss franc deal for the year on Thursday, attracting strong demand not only from retail and private banking investors but also asset managers, insurance and pension funds.

Wells Fargo secured strong demand for its longer dated senior paper on Monday, making it the second North American bank to target euros after third quarter results were published last week.

The US investment grade market continued to show its resilience as a backlog of M&A related financings began to emerge amid improving market conditions.

The euro FIG market may lose the business of some US banks in the looming results reporting season, because it can’t compete with the depth of demand on offer in dollars.

ICBCIL Finance, a wholly-owned subsidiary of ICBC, has picked banks to work on its return to the international bond market, in what would only be its second dollar deal.

A flood of banks in the Middle East are set to follow the two Abu Dhabi names which are making a dash for cash in the loans market to meet new regulations as they grapple with low oil prices, writes Elly Whittaker.