HSBC

◆ Strong demand for rare UK insurance name ◆ Note spotted 5bp tighter in the secondary market ◆ Proceeds to fund tender offer for 2024 subordinated note

Investment banking expansion in the Middle East and Asia as HSBC tries to be seen as a net winner from banking turmoil

Spanish agency served up 10th social bond as similarly labelled issuance has declined 10% year-on-year

The Spanish region served up its sustainable debut to raise €500m

◆ First issue since 2014 will pay for tender offer ◆ Bankers expect 'high single digit' handle ◆ Sub note to be replaced a year before maturity

French issuer leads green pack

◆ Secondary rally shows appetite for risk ◆ Issuers target quick intra-day execution before CPI ◆ HSBC starts by luring Asian demand

Dollar issuer returns to euros in quiet market to expand investor base

◆ French Samurai issued across the capital structure ◆ Bank of Japan supports cheaper yen issuance than dollars ◆ HSBC lures yield-driven buyers with lower yielding senior bail-in foray

Investor diversification and duration lure issuers, but lower need for single currency and lack of arb will limit further issuance

Issuers set to follow anticipated EU new issue with deals ahead of Federal Reserve’s next meeting

German issuer funded in sterling more cheaply than in euros or dollars