HSBC

Well-funded SSA issuers take their time, but weak secondary performance worries bankers

◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen

Two syndications have landed the sovereign €16bn with just one more trade left to do

Bank of England, KommuneKredit and Agence Française de Développement also price deals

BoE, ADB, KK and AFD follow peers into dollar mart after week of healthy demand

Second largest book on record for the issuer after a 10 year it priced in March 2021

HSBC takes a hit on its Chinese bank stake, while banking, capital markets and advisory revenues remained unscathed

Latest deal came 1bp through fair value, according to the issuer

Some market participants saw just 1bp of new issue premium in the deal

Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW

Issuer will move to focus on euro and Kangaroo markets for rest of 2024, though another dollar deal is also on the cards

The duration issuer ‘does not gamble on rates’ but pledges regular issuance pattern