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CREDIT SUPPLY: FIG Primary: HSBC Narrowing, Belfius Tight, Moneta Good Demand

CREDIT SUPPLY

HSBC yet to price in NY but narrowing. Belfius very tight but bled demand and Moneta sensibly priced on very strong demand.

  • HSBC (HSBC: A3/A-/A+) raising twin benchmark USD tranches. We have fair value around 6.5% for the 5.5yr and 7.05% for the 10yr. IPTs for both were 7.625%, these have been revised to 7.25% at the US open.
  • Belfius Bank (CCBGBB: A1/A/A-) final terms are 3mE+50bp, books are above EUR1.15bn (sized at EUR750m, books slipped from EUR1.3bn), we have fair value around 3mE+60bp area, for this senior preferred FRN. Pricing tight to BFCM ‘27s which are one notch better and shorter workout. Meagre cover at 1.5x and 12% slippage from peak books.
  • Moneta Money Bank (MONBNK: A2), the Czech retail business, is issuing senior preferred today, final terms are MS+200bp (guidance was MS+215bp, we see fair value around MS+190bp area and IPT was MS+250bp). Books are above EUR2.6bn (were EUR2bn) for EUR300m raise, so 8.7x covered.

Mandates:

  • Aareal (AARB: Baa3/BBB) has a mandate out for Tier 2 sub debt, expected rating of BB+.
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