HSBC
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FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off -
◆ HSBC brings €3.25bn of funding across three tranches ◆ Lloyds opts for €750m single tranche before UK local elections ◆ Heavy euro FIG issuance as possible Iran deal announced
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After quitting M&A and equity capital markets in Europe and the US last year, HSBC is striving to maintain global relevance — and London and New York still have a role to play
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Iran ceasefire rally could draw out more issuance before expected May rush
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◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'
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◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish
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◆ Sterling benchmark deal was printed at £1bn ◆ Fourth sterling covered from Canadian issuer in 2026 ◆ Lead managers picked comps at 48bp-57bp over
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◆ Spread was tightened by 5bp through execution ◆ Order book was ‘high quality’ says banker ◆ Norweigan bank's first covered since October
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◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks
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◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium
