Asean

◆ French bank raises €500m from a 12 year non-call seven tier two social bond ◆ Strong demand for FIG capital pushes final book to €5.6bn ◆ UBS returns to Singapore with fresh AT1

Country's credit default swaps tighten after presidential election, which ends one political uncertainty in Asia

Deal by Singapore’s ST Telemedia shows KPI-linked sub debt can work

Cost was lower than euros and cheaper than the bank's debut Sonia deal

Oil and gas company brings Indonesia’s first HY corporate bond of 2023 but pipeline thin as funding costs bite

German bank attracts HNW investors to second deal of year in Singapore dollars with chunky coupon

Issuers pause deals as Israel-Hamas conflict adds more uncertainty to funding environment

◆ Deal precedes redemption of AT1 and exacerbates shortage of paper in the currency ◆ Issuer locks in ‘very good’ arb ◆ HSBC’s third trade this week follows sterling covered and senior bonds

◆ French issuer banks on ‘good name recognition’ to price far tighter than euros ◆ Investors now have high exposure to issuer ◆ Foreign subordinated issuance may slow down due to worsening rate moves

Asian borrowers are finding better funding options in Australian dollars and Japanese yen as higher US dollar interest rates bite

◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo

◆ No foreign bank has issued subordinated debt in the currency since CS collapse ◆ Local heavyweight showed there is demand for AT1 ◆ Will be issuer's fourth currency outing since Q2 results