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HSBC, Munich Re Price Tight To Our FVs On Good Demand

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HSBC (HSBC: A3/A-/A+) final spread has come in at MS+80bp (we saw FV at MS+85bp area) so tight pricing with books reported at EUR3.9bn, so good demand:

  • FINAL SPREAD: HSBC EUR Benchmark 5NC4 MS+80

Munich Re (MUNRE: A pos/A) final spread set at MS+160bp (we saw FV at MS+160bp) so inline with our FV with books reported above EUR4.3bn for an eventual EUR1.25bn issue (strong cover).

  • FINAL SPREAD: Munich Re Exp. EU1.25b 20NC10 Tier 2 MS+160

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