Soc Gen and HSBC chase in-demand TLAC FRNs
Société Générale and HSBC were both looking to print total loss-absorbing capacity (TLAC) eligible deals on Monday, as investors showed further appetite for floating rate product.
“The floating rate format has been working very well,” said a syndicate banker away from both deals. “It makes sense for investors given the questions in the market around the rates cycle, and issuers often swap to floating anyway.”
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