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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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European bank funding plans do not account for the redemption of about a quarter of the €740bn they borrowed from the European Central Bank through the targeted longer-term refinancing operations (TLTRO II), according to a report published by the European Banking Authority this week. -
HSBC France and Svenska Handelsbanken avoided issuing senior bonds at negative yields in a busy new issue market on Tuesday, but bankers said it was only a 'matter of time' before someone takes the plunge below 0% with an unsecured deal.
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ING slapped a one year call option on a senior deal from its holding company on Tuesday — a practice that is rapidly becoming the norm for European banks considering how to meet their minimum requirements for own funds and eligible liabilities (MREL).
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KBC only needed to offer a slim new issue premium to attract €2bn of demand for a new tier two bond this week. The deal pricing was squeezed by 20bp from initial price thoughts, resembling senior deals from other issuers.
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Nykredit Realkredit was one of the smallest banks looking to get funding away in a busy euro market on Tuesday, but it was able to command the attention of investors without needing to offer a higher spread.
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François Jourdain is joining Deutsche Bank as head of treasury markets and investments.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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