BBVA assists with an extremely successful issue by HSBC's French divisionOctober 30, 2013
BBVA acted as bookrunner on a 1,000 million euro mortgage securitisation operation by HSBC's French division, SFH. It is the second time the bank has brought out this kind of issue in 2013, and the third time in its entire history.
The bonds, maturing in 7 years with a yield of 1.875%, received a warm welcome from investors placing one thousand million orders in the first twenty minutes. The success of the event was preceded by an Aaa appraisal by the rating agency Moody's, and AAA by S&P.
The issue was wound up with a total of 2,700 million orders, and 14 basis points with respect to the average swap curve rate.
The main buyers were investment funds, accounting for 64% of the total issue. Banks took 35% and pension funds and insurance companies accounted for 14%, while national central banking bodies bought up 9%.
By countries, German purchases led the field at 40%. Nordic countries and the Benelux took 14% each; the United Kingdom/Ireland and France bought up 10% and 9%, respectively.