HSBC
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◆ DC-based supra taps undersupplied part of curve ◆ Much bigger book than usual ◆ Secondary levels makes judging fair value hard -
◆ Small French name attracts €3bn book ◆ Almost no premium needed ◆ Small pick-up to OATs no problem
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◆ Fair value tricky but British Columbia a marker ◆ NWB raises £250m ◆ 'Softer tone' in market
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◆ Issuer matches previous record ◆ Pricing level was 'never a question' ◆ Market shrugs off Gilt selling
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New leadership must be bold if it is to silene the doubters and ensure the the new-look corporate and investment bank delivers on its promise
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◆ Berlin deal “full success” ◆ Länder segment expected to keep busy ◆ Rhineland-Palatinate prints big, retains bonds
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◆ Four deals priced at same tenor, with a fifth also in dollars ◆ Why IADB increased size ◆ Swap spread moves cause complications
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◆ Sterling market goes from busy to busier ◆ OeKB takes ‘decent book’ ◆ Agency looks to dollars next
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◆ First out of three Belgian euro syndications proved a hit ◆ Usual 2bp premium paid ◆ Italy to follow with potential €20bn deal
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◆ Joint largest size from non-UK public sector issuer ◆ ADB also raised £1bn ◆ Cross currency basis allows for sterling concession
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◆ Bankers disagree on NIP ◆ IADB demand allows larger size ◆ AIIB releases sterling IPTs
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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?
