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HSBC Sr Unsec Issue: We See Fair Value Around MS+85bp Area

CREDIT SUPPLY

HSBC (HSBC: A3/A-/A+) issuing EUR benchmark debt with IPT at MS+115bp area. We see fair value around MS+85bp area.


  • HSBC is issuing EUR benchmark senior unsecured 5NC4 with IPT at MS+115bp area.
  • The bank’s recent results (30-Apr) were marginally ahead of consensus on better revenues and loan losses but there was a jump in HK corporate non-performers. The equity was up on the day but has now given much of that performance back, especially relative to SX7P peers.
  • Curves of both HSBC and StanChart (similarly rated) have a few older, low-coupon issues so the more relevant curve is slightly above the interpolated HSBC curve, we value against the 4.752% at 2.8Y and 4.787% at 6.8Y. Therefore, we see fair value around MS+85bp area.
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK

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