HSBC hits Swiss francs

Credit Suisse, Royal Bank of Scotland and UBS sold HSBC Bank’s second senior unsecured deal in the Swiss franc market on Monday, a Sfr300m seven year tranche and a Sfr100m 10 year tranche. The leads priced the seven year at 45bp over mid-swaps, with the 10 year at 52bp. This level offered little new issue premium, with HSBC’s 2016 1.875% trading at 40bp over swaps.