MREL tenders ‘logical next step’ for banks

By Tyler Davies
28 May 2020

HSBC Holdings is the latest European financial institution to have looked at launching a new deal for the minimum requirements for own funds and eligible liabilities (MREL) while simultaneously announcing tender offers on existing bonds.

The UK bank opened books on two tranches of senior debt from its  holding company in the dollar market on Thursday.

It was marketing a six year non-call five bond at 200bp over US Treasuries and an 11 year non-call 10 deal at 235bp over.

HSBC later launched ...

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