September 16, 2024 08:29 GMT
CREDIT SUPPLY: HSBC Sr Unsec Issues: We See FV at MS+110bp and +135bp Areas
CREDIT SUPPLY
HSBC (HSBC: A3/A-/A+) is issuing two-tranche senior unsecured; we value the 6NC5 at MS+110bp area and the 11NC10 at MS+135bp area.
- HSBC is issuing EUR benchmark 6NC5 fixed with IPT at MS+145bp area, and 11NC10 fixed with IPT at MS+175bp area. Both are senior unsecured with expected ratings of A3/A-/A+.
- HSBC has a relatively good curve with STANLN just wider and INTNED just tighter, which gives us a good indicative corridor. We’d put fair value on the 6NC5 at MS+110bp area and the 11NC10 at MS+135bp area.
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