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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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Belfius Bank picked a long enough maturity for its deal on Wednesday to avoid becoming the first European bank to issue senior bond at a negative yield. -
RSA Insurance Group won strong demand for a new £350m senior unsecured offering this week, as bankers spoke of appealing conditions in the sterling market.
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Credit analysts at JP Morgan are urging investors to swap their euro bond holdings for similar deals in dollars, where they say there are ‘attractive opportunities to position for convergence’.
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UBS sold an Australian dollar additional tier one capital note on Tuesday, surprising those involved after it managed to shave 75bp off of its initial pricing guidance on the back of a A$4bn ($2.7bn) orderbook. Market participants expect more banks will now want to look at the Kangaroo market for capital issuance, with BNP Paribas having also launched an AT1 in the currency last month.
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Virgin Money plc has mandated leads for a European roadshow and hopes to issue its first euro denominated covered bond. The transaction is set to emerge at a challenging time, amid rising concerns that the UK will chaotically leave the European Union without reaching an exit agreement at the end of October.
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Danske Bank beat the crowds to issue a new non-preferred senior bond in euros on Tuesday, showing other issuers that investors are more than happy to get involved in the right types of trades this summer.
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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