HSBC’s Health Warning and Simultaneous Debt Issue: Hedge It with CDS?
HSBC simultaneously issued what was effectively a “health warning” and holding company debt last week. Issued at a spread of T+375bps, the price...
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Asian Bank Relative Value - Notes from Last Weeks' Global Bank Debt Issuance
Despite distress in the global financial markets, there is still money being put to work by asset managers. New issue credit spreads are alluring...
418 Views
Bank of East Asia - Trail of Tears For Chinese Developer Loans
Chinese Real Estate Risk:Mainland China’s debt-laden developers were already facing a cash-crunch, but the corona virus outbreak has exacerbated...
498 Views
Trip.com - No One Is Trippin'
Trip.com Should Get a Significant Downward Re-Rating: Mainland China is at the epicenter of this tourism slowdown. If the virus impact continues...
469 Views
HSBC – Move Along, There’s Nothing To See Here
It was 20 years ago that HSBC Holdings (5 HK) bought CCF in France. The conservative Scottish lender paid USD10.6bn for the French bank that had...
567 Views