Wells Fargo Securities
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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.
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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.
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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.
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Abu Dhabi's First Gulf Bank has agreed a loan at a margin 60bp tighter than its last deal, as it raises $1bn to meet the liquidity requirement of the United Arab Emirates central bank.
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North American banks took advantage of the opportunities offered by euros this week, as the dollar market remained quiet ahead of Labor Day on Monday. The deals showed the FIG sector regaining its poise after the recent bout of volatility, said bankers.
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Wells Fargo attracted strong demand for a seven year senior unsecured deal on Thursday, as investors returned en masse to the European FIG market.
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US Reit Medical Properties on Wednesday sold its €500m unsecured bond drawing attention from investment and non-investment grade buyers by being the only corporate issue of the day.
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ING Bank launched a dual tranche benchmark in dollars on Monday morning, as the currency continues to provide a funding outlet for European banks.
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GarantiBank International, the Amsterdam subsidiary of Turkey’s Garanti Bankasi, has closed a $260m-equivalent one year loan.
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Heinz’s jumbo bond backing its acquisition of US foods group Kraft topped off the dollar market’s best ever quarter and half-year for high-grade corporate issuance.
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Dollar borrowers were forced to pay up to access the market amid continuing market volatility as they raced to take advantage of attractive funding costs ahead of the looming Fed meeting.
