HSBC
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Second largest book on record for the issuer after a 10 year it priced in March 2021 -
HSBC takes a hit on its Chinese bank stake, while banking, capital markets and advisory revenues remained unscathed
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Latest deal came 1bp through fair value, according to the issuer
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Some market participants saw just 1bp of new issue premium in the deal
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Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW
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Issuer will move to focus on euro and Kangaroo markets for rest of 2024, though another dollar deal is also on the cards
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The duration issuer ‘does not gamble on rates’ but pledges regular issuance pattern
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Issuer pushes spread tighter than recent deals from peers
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Demand for long-dated public sector bonds, including private placements, is rising
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KommuneKredit, CDC and MuniFin keep euro and dollar investors busy
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IADB, DBJ and CPPIB all grabbed large order books
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Investors pile $6.1bn into rare print
