Wells Fargo Securities

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.

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.

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.

Wells Fargo attracted strong demand for a seven year senior unsecured deal on Thursday, as investors returned en masse to the European FIG market.

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.

ING Bank launched a dual tranche benchmark in dollars on Monday morning, as the currency continues to provide a funding outlet for European banks.