HSBC
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European investment banks are playing catch-up, even on home turf. Which of them are best placed to challenge the US leaders? -
Elhedery reshapes bank in search of agility, Ginsburg to leave in March
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LEG takes advantage of strong share price rally with “very opportunistic” trade
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◆ Tuesday tap surprise was pre-funding ◆ Next year’s programme revealed ◆ Historical spreads facing French agencies
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◆ Tap was four times covered ◆ No premium required ◆ Spread to mid-swaps attracts
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◆ Issuer's second largest dollar deal ever ◆ Tight spread to US Treasuries ◆ 'Challenging' geopolitical backdrop
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◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year
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◆ Fair value uncovered after SSA repricing ◆ Printing €1bn 'looks like a stretch' ◆ Higher than average coverage ratio
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◆ Tenth syndication probably bloc's last for 2024 ◆ Large subscription ratio as usual ◆ January looking 'extremely positive'
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Wallonia and Hamburg tap bonds as bloc mandates tenth syndication
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◆ HSBC's Orion platform used alongside Banque de France’s DL3S solution ◆ No digital premium ◆ Eurosystem's second wave of exploratory work
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HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments
