HSBC
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‘Things didn’t add up’ for a tap until this week -
Asian investors bought more than 40% of the deal following a recent roadshow
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◆ BNPP serves up dollar AT1 reopener ◆ HSBC lands dual tranche senior inside euros ◆ Borrowers expected to prioritise dollars over euros
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◆ Old Discos no longer attractive capital or funding tool ◆ But multiple AT1s also called with no signs of replacement ◆ UK banks well capitalised
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Cellnex is feeling the heat from rising interest rates with its €20.7bn pile of debt
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Issuer hopes to refresh its euro presence with a potential green bond
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Issuer has already been active in the currenty earlier in the year
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◆ Strong demand for rare UK insurance name ◆ Note spotted 5bp tighter in the secondary market ◆ Proceeds to fund tender offer for 2024 subordinated note
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Investment banking expansion in the Middle East and Asia as HSBC tries to be seen as a net winner from banking turmoil
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Spanish agency served up 10th social bond as similarly labelled issuance has declined 10% year-on-year
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The Spanish region served up its sustainable debut to raise €500m
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◆ First issue since 2014 will pay for tender offer ◆ Bankers expect 'high single digit' handle ◆ Sub note to be replaced a year before maturity
