HSBC

◆ Issuer's second largest dollar deal ever ◆ Tight spread to US Treasuries ◆ 'Challenging' geopolitical backdrop

◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year

◆ Fair value uncovered after SSA repricing ◆ Printing €1bn 'looks like a stretch' ◆ Higher than average coverage ratio

◆ Tenth syndication probably bloc's last for 2024 ◆ Large subscription ratio as usual ◆ January looking 'extremely positive'

Wallonia and Hamburg tap bonds as bloc mandates tenth syndication

◆ HSBC's Orion platform used alongside Banque de France’s DL3S solution ◆ No digital premium ◆ Eurosystem's second wave of exploratory work

HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments

The bank has issued four digital bonds since 2021

◆ 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