HSBC risk transfer trade featured Carillion and Interserve double bill

HSBC’s first synthetic CLO since the financial crisis had a double helping of shaky UK support services firms, with exposures to Interserve, as well as Carillion. Investors in the deal have therefore been hit by two credit events from the sector, following Interserve’s administration two weeks ago.

  • By Owen Sanderson
  • 26 Mar 2019

Metrix 2015-1, a $300m credit-linked note hedging a $5bn book of large corporate loans, was priced late in 2015. It was the first outing for the UK bank into the synthetic risk transfer market since the financial crisis.

Last Friday, the trustee said that a credit event in ...

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2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

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