Tight pricing no match for HSBC rarity value

HSBC Bank placed its first senior unsecured issue in the Swiss franc market on Wednesday, offering investors their first chance to buy senior unsecured European financial debt since April, though at levels which are at least 10bp inside where comparably rated banks have issued in recent months. The issue shows the improved tone for financials in the Swiss market, following last week’s CEBS stress tests and Basel III capital requirements decision.