HSBC
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◆ Sterling benchmark deal was printed at £1bn ◆ Fourth sterling covered from Canadian issuer in 2026 ◆ Lead managers picked comps at 48bp-57bp over -
◆ Spread was tightened by 5bp through execution ◆ Order book was ‘high quality’ says banker ◆ Norweigan bank's first covered since October
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◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks
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◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium
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Sugrue specialised in covering the insurance and reinsurance sectors
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SSA DCM banker previously worked at RBC and Santander
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Higher yielding bank capital remains popular in dollars as HSBC stretches out to a 10 year non-call period
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◆ First capital trade by an international bank since Iran war began ◆ Fair value debated, some spot visible concession ◆ $2.5bn size across two tranches supported by $17bn book
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◆ Canadian issuer filled nearly all its orders ◆ TD got 'fantastic' book ◆ SpareBank 1's first covered deal since August
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◆ Issuer fixed the spread before execution ◆ Third sterling covered bond in three days ◆ Banker said issuer wanted to place before the weekend
