HSBC
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◆ New CEO revamps HSBC to be leaner and meaner ◆ What markets think of idea to make UK water sector non-profit ◆ The swap spread dynamic hammering SSA bonds -
◆ Issuer lands records in joint largest transaction ◆ Spread to World Bank ◆ Bigger size attracts more investors
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Bank’s restructuring will improve the fortunes of its investment banking business while also allowing the group it to navigate geopolitical tensions
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New chief executive makes first reorganisation with some senior bankers understood to be leaving
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Company has begun pre-deal investor education to local and international investors on $1.5bn-$1.75bn IPO
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◆ ‘Blow-out book’ for regional issuer ◆ Attractive spreads versus swaps, OATs ◆ Minimal new issue premium paid
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◆ Deal comes earlier than expected ◆ 20 new investors, including a European supranational ◆ Two green bonds done this year
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◆ Last EARN benchmark from the supra this year ◆ Deal's success will be hard to replicate ◆ Issuer could prefund another €4bn
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Tech firm to repay part of WMWare financing after biding its time
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◆ Three year bond cost ‘flattish to euros’ ◆ Tight Treasury spread? No bother ◆ €10bn left to do of €80bn target
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◆ First euro print for the sovereign since 2022 ◆ Focus on price over size ◆ Euro all-in cost proves attractive
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◆ KfW issues its final dollar benchmark of 2024 ◆ Dollar cost improved but remains pricier than euros ◆ Agency peers BNG, KBN also found support
