HSBC

◆ Deal size increased to £375m from £250m ◆ Danish issuer's second largest print in sterling ◆ 'Positive takeaway' from smaller agency deals

◆ Issuers add tier two debt amid lower relative cost to senior layer ◆ Danske Bank prints in euros at no premium as Nordea said to have garnered largest size locally ◆ BNPP, HSBC and Westpac target dollar market

◆ Potentially final benchmark issuance of 2024 ◆ Pricing 'more or less in line' with fixed rate curve

◆ First KDB public sterling deal in seven years ◆ £250m bond could be first of many as issuer diversifies ◆ SSA transition ongoing, euros in focus for 2025

◆ New CEO revamps HSBC to be leaner and meaner ◆ What markets think of idea to make UK water sector non-profit ◆ The swap spread dynamic hammering SSA bonds

◆ Issuer lands records in joint largest transaction ◆ Spread to World Bank ◆ Bigger size attracts more investors

Bank’s restructuring will improve the fortunes of its investment banking business while also allowing the group it to navigate geopolitical tensions

New chief executive makes first reorganisation with some senior bankers understood to be leaving

Company has begun pre-deal investor education to local and international investors on $1.5bn-$1.75bn IPO

◆ ‘Blow-out book’ for regional issuer ◆ Attractive spreads versus swaps, OATs ◆ Minimal new issue premium paid

◆ Deal comes earlier than expected ◆ 20 new investors, including a European supranational ◆ Two green bonds done this year

◆ Last EARN benchmark from the supra this year ◆ Deal's success will be hard to replicate ◆ Issuer could prefund another €4bn