Wells Fargo Securities
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Tanks are moving in Ukraine and shots being fired are no longer isolated. But to look at financial markets, you would think Russia’s president Vladimir Putin had flown to Kiev to kiss and make up.
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Wells Fargo and Macquarie Bank highlighted the demand for floating rate paper on Tuesday, with both banks selling euro denominated FRNs. Syndicate officials away from the deal said that the deals are likely to be the last senior trades from banks ahead of the Easter break.
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Largest US home lender sees a rise in profit for the first quarter, in spite of housing market pressures. -
Six bank and finance names raised $14.5bn in the space of three days, boasting bulging order books and minimal new issue concessions as investors scrambled for extra yield.
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US investors’ appetite for bond issues remained sharp this week, while issuance dipped, as they grabbed opportunities to participate in deals from less frequent issuers like MidAmerican Energy and Interpublic Group and gobbled up extra spread.
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Latin America’s Banco do Brasil has wrapped up its $1bn financing, which first hit the market in mid-January.
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Skandinaviska Enskilda Banken and Macquarie Bank kept Yankee supply flowing with well received benchmark trades this week as the biggest banks in the US awaited the results of annual stress tests.
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SBI Capital Markets has joined as a mandated lead arranger and bookrunner on its parent State Bank of India’s $390m loan ahead of a general launch on March 18, but is yet to commit a firm amount.
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Verizon Communications brought back memories of its $49bn record-breaking bond in September with a $4.5bn offering this week that sucked in nearly $23bn of orders.
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State Bank of India is due to launch a $390m loan into syndication soon, increasing the size from the original $300m. At one point the loan was on track to be $420m, but this was scuppered when one lender dropped out of the top level.
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State Bank of India has decided to increase the size of its loan to $420m from the original $300m, after 14 banks jumped on the transaction. But with a general launch still planned, it is likely to increase even further.
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Relations between the US and Russia reached their worst pitch of tension for 25 years this week – yet for the corporate bond market, blue sky stretched to the horizon.
