Wells Fargo Securities
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The US Commodity Futures Trading Commission on Friday ordered Wells Fargo to pay over $14m for its conduct involving a FX forward contract and compliance failures. -
High grade dollar bond investors are braced for the biggest deal of the year after AbbVie, the pharmaceutical company, appointed a trio of banks to lead a possible $25bn issue that could come as soon as Monday.
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National Express and Citycon mandated banks on Thursday for bond issues, piling into the November issuance spree before the market goes into hibernation next month.
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The US’s Colgate Palmolive brought a €1bn dual tranche bond on Monday, in a deal that bankers reckon is the 'tip of the iceberg' of euro issuance this week.
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Wells Fargo made a stylish return to the dollar market on Thursday following its earnings blackout, by printing a $6.5bn callable trade.
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BAC International Bank has returned to the loan market, seeking $100m from a global syndicate.
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The six biggest US investment banks alongside three European firms have created DirectBooks to assist primary market bond sales. It aims to start in the US investment grade corporate market before branching out to other fixed income products.
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Yankee banks took advantage of a strong market backdrop this week ahead of US third quarter earnings season, with Canadian banks leading the charge.
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Santander Consumer Bank was more than three times subscribed for a tightly priced €500m five year preferred senior bond this week — its second offering in the asset class.
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The fourth quarter began on a rocky note for global equities but the US high grade bond market has shrugged off concerns about stalling growth and issuance conditions remain strong.
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Charles Scharf will take over as chief executive and president of Wells Fargo next month, ending a six month period when an interim boss was in charge. Scharf comes from Bank of New York Mellon.
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Wells Fargo hasn't wasted time in the bond market this week. It launched a euro senior bond on Wednesday, a day after raising sterling debt. Concurrently, Spanish lender Kutxabank was marketing a senior non-preferred bond in euros, its debut in the format.
