HSBC spins around on disco bonds

HSBC will grandfather its discounted perpetual (disco) bonds after all. Its decision last year to declare the securities to be fully eligible as tier two capital angered some investors: it has now backtracked after the introduction of new capital rules, although they will lose eligibility at a later date.

  • By Jasper Cox
  • 06 Aug 2019
Some $9bn of tier two securities HSBC had previously thought to be fully eligible under the EU’s Capital Requirements Regulation (CRR) are now grandfathered to June 2025 under CRR 2, the bank said in a fixed income presentation on Monday. CRR 2 was introduced earlier this ...

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All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
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1 JPMorgan 383.35 1788 8.32%
2 Citi 354.85 1533 7.70%
3 Bank of America Merrill Lynch 305.81 1324 6.64%
4 Barclays 274.12 1155 5.95%
5 HSBC 225.97 1251 4.91%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
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1 BNP Paribas 56.88 238 8.17%
2 Credit Agricole CIB 44.21 212 6.35%
3 JPMorgan 35.67 107 5.12%
4 SG Corporate & Investment Banking 31.77 156 4.56%
5 UniCredit 31.48 170 4.52%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
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1 JPMorgan 13.18 83 8.22%
2 Goldman Sachs 12.87 66 8.02%
3 Morgan Stanley 12.21 55 7.61%
4 Citi 10.11 72 6.30%
5 Credit Suisse 6.93 38 4.32%