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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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UBS replaces EMEA president — Lloyds loses PP agent — Deutsche Bank reorganises treasury team
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Equity and bond markets were cheered on Thursday by the unexpected news that Italy could be close to having a new government, staving off the possibility of potentially disruptive elections later this year, write Sam Kerr and Tyler Davies. -
BBVA raised $1bn of additional tier one capital in the dollar market on Wednesday, firing the starting gun for what could be a very busy pipeline of issuance in the format this autumn.
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Credit Suisse this week made “an important step in the transition away from Libor”, the bank claimed, as it placed an AT1 that it said was the first public issue in the Swiss franc market to use an alternative benchmark rate.
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Investors threw themselves behind a short-dated floating rate note from Société Générale on Thursday, shrugging off the bleak outlook for European interest rates. The strength of demand allowed the French bank to raise €1.75bn.
Polls and awards
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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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