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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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Embattled Chinese bank, Bank of Jinzhou, has proposed cancelling coupon payments on its offshore additional tier one bonds for a year, the first such case from a Mainland lender. -
Dollar bonds from Yes Bank, one of India’s largest private sector banks, have taken a big hit recently following Moody’s downgrade of the credit.
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Issuance is starting to resume after the summer break; however, this week a booming public market drew away investor and issuer attention from MTNs. Despite this, a range of established SSA, FIG and corporate borrowers have slipped in, with deals across core, niche and EM currencies.
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Christine Lagarde suggested that the European Central Bank, which she is set to lead later this year, could apply green criteria to its asset purchase programme once the EU’s Taxonomy of Sustainable Economic Activities is completed, in comments published on Thursday.
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Bank of Communications Financial Leasing Co priced a small $600m dual-tranche transaction, attracting twice as much interest on a floating rate note compared to a fixed rate bond.
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European and US banks are facing pressure to become more diverse, for reasons of business and ethics. One senior investment banker at UniCredit, which has implemented a far-reaching initiative in the area, said that the logic is clear.
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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