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◆ Deal followed HSBC's €3.75bn three part deal... ◆ ... and paid less NIP, tackling shorter end of curve ◆ Book grew after price revision
◆ Fixed rate tranches leave double-digit concessions to attract hefty book ◆ Favourable cost to dollars ◆ HSBC surpasses 2026 holdco funding plan
◆ First euro funding in almost a decade ◆ Part of early refi of its last euro bond ◆ Rarity makes it a trickier sale during heightened market volatility
Data
Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Covered market provides 'the deepest pocket of demand' among FIG asset classes
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◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank -
Buy Way also added a Dutch consumer ABS to the pipeline
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Present leader promoted to chairman of advisory and financing
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◆ Korean covered was one of two new issues on Monday ◆ Third Korean covered bonds in three weeks ◆ Leads chose only two deals as comparables
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◆ Bank's second labeled tier two in currency this year ◆ Limited attrition ◆ Volatile energy backdrop amid Strait of Hormuz tensions
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◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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