HSBC Enters 10-Year Rupee IR Swap

  • 11 Jun 2001
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HSBC recently entered what is believed to be the longest-dated rupee interest-rate swap, and the transaction could open the way for further deals. Tarun Mahrotoi, treasurer in Mumbai, said HSBC entered a INR250 million (USD5.3 million) swap with a local manufacturing firm looking to diversify its liability portfolio. In the swap the corporate receives a floating rate based on the yield of one-year Government of India bonds, which is annually reset. At present the yield to maturity is 8.44%. Mahrotoi declined to name the corporate.

A swapper at a firm in Mumbai believes HSBC is going out "on an arm and a leg" to offer such a deal at this time since the corporate bond yield curve does not extend this far. This would make pricing on the swap difficult to calculate, he added. The swapper believes HSBC may be a year ahead of the market for deals of this tenor.

Another rival banker expects the deal to boost liquidity. He added that as the credit quality of customers improves, longer-dated swaps will become more common.

HSBC's Mahrotoi also noted that activity in three and five year rupee interest-rate swaps has been growing in the last few months. "I reckon [volumes have] nearly tripled in the last six to eight months," he added.

  • 11 Jun 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%