HSBC

◆ Stockholm bank reached its preferred size ◆ Issuer’s third covered in three years ◆ Norwegian issuers have dominated Nordic covereds this year

◆ Issuer tightened three year more than its seven year ◆ Both tranches close with €1bn sizes ◆ The bank's previous covered priced in May 2023

Two more follow Darwish and Safa leaving last month

Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks

Elena Bortolotti was promoted to managing director at Barclays in January 2022

◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said

◆ HSBC markets new dollar AT1 less than two months after raising $2.5bn ◆ Belfius Bank seen as candidate for further AT1 issuance ◆ Belgian lender is touring Europe to presents its 2026-2030 plan

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

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

Departure follows Safa’s resignation last week

Iran ceasefire rally could draw out more issuance before expected May rush