Standard Chartered

Investors seek yield in long-dated FIG subordinated and senior markets

◆ Deal is first from updated sustainability bond framework and follows social debut from 2025 ◆ Earlier return to euros than previous years ◆ Minimal concession paid

Interest in the product rises in the Middle East

Infrastructure, AI impact and partnering with private credit

UK bank set to increase the pace in corporate and investment banking and create conditions for a smooth CEO succession

◆ Four years is the 'sweet spot' ◆ Existing curve ignored during pricing ◆ Slim premium paid over recent deals

◆ First Hong Kong dollar public bond from an international bank ◆ Broader investor access and larger size than PPs customary in the market ◆ Provides attractive funding

◆ Handful of European banks go Stateside after quarterly earnings ◆ Some revisit dollar funding despite it not offering best relative cost ◆ HSBC goes for size as its triple trancher surpasses BofA's $5bn print

◆ Issuer becomes second tier one in HK dollars ◆ 'Definitely' demand for labelled bonds in Hong Kong ◆ Sterling helps differentiate from crowd

◆ Managing the go-no go call ◆ 'Granular' conversations on social label ◆ AT1 redemptions and offsets in balance sheet

◆ Order book holds as premium paid ◆ Arb versus dollars considered ◆ 'Highly granular' buyers

International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start