HSBC Canada this week issued a larger covered bond and with a higher subscription ratio than it managed on its inaugural deal, reflecting that its marketing efforts had “really resonated with investors”, according to the bank’s head of balance sheet management, Marty Halpin.
After completing a European roadshow last week, joint leads HSBC, BMO Capital Markets, CIBC, Commerzbank, DZ Bank, ING, LBBW, Natixis and RBC Capital Markets opened order books on Tuesday for a three year bond with initial guidance of 37bp over mid-swaps.
Later that day a €1bn covered bond was
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