MUFG

State Bank of India has launched a new $750m three year borrowing into general syndication, about two months after mandating banks to run the transaction.

Sour trading conditions in the European primary market this week have raised concerns that banks will either have to pay up significantly if they want to press on with their funding plans, or they will have to put off their deals until after the summer break.

Keurig Green Mountain enjoyed the best of dollar bond market conditions as investors drank deep before a spike in US Treasury rates sent borrowers scurrying to the sidelines.

Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.

GlaxoSmithKline added to the crush of red hot dollar bond supply this week, as borrowers began a spring stampede to lock in funding ahead of a likely rate rise next month.

African Export-Import Bank is setting off on a dollar roadshow to market a benchmark, Reg S dollar bond with a tenor of five to seven years.

German car company Daimler raced from one side of the Atlantic to the other this week to raise €6.7 equivalent from 10 tranches of bonds with tenors from two to 10 years.

India’s Reliance Jio Infocomm has launched the biggest Samurai loan from an Asian company into general syndication, as it looks to leverage on Japanese onshore liquidity.

Engine manufacturer Rolls-Royce returned to the European corporate bond markets on Wednesday after a break of nearly five years. The British company sold a €1.1bn dual tranche deal which extended its maturity profile in euros.

GlobalCapital has learned of a third emerging markers banker at risk of redundancy at MUFG, but the bank is adamant that the cuts are a coincidence and there has been no targeted scaling back of EM in this round of redundancies, which has taken place over the last week.

MUFG has put a second emerging markers banker at risk of redundancy, with GlobalCapital already having reported that Alex Popov, a trader, is in the same boat.

MUFG has started a round of redundancies in its securities business, with several jobs in London and New York said to be at risk. GIobalCapital understands that not all those who will be put at risk of redundancy have yet been notified but fewer than 35 staff will be affected.