◆ Deal precedes redemption of AT1 and exacerbates shortage of paper in the currency ◆ Issuer locks in ‘very good’ arb ◆ HSBC’s third trade this week follows sterling covered and senior bonds
◆ European and Asian issuers lead the charge as Barclays takes size◆ Global funding conditions shift in favour of dollars ◆ UBS returns to bond market for the first time after Credit Suisse takeover
![06.02.2019, Singapore, Republic of Singapore, Asia - A view of the HSBC banking building in the business district. To the left of it you can see a part of the Fullerton Hotel. [automated translation]](https://assets.euromoneydigital.com/dims4/default/ab239ff/2147483647/strip/true/crop/4256x2394+0+0/resize/320x180!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fe6%2Ff7%2F61cd2ddc44dd8ce259b3365b1d98%2F2b759cn.jpg)
