HSBC named The Banker's Team of the Month for its 'local know-how'


09 Mar 2009

Describing the way the bank likes to do business as "think global, act local", The Banker has named HSBC its Team of the Month for March 2009 for the bank's role in the Hellenic Republic's recent EUR5.5 billion five-year bond issue.

The Banker said: "HSBC is a primary dealer in Greece's sovereign debt, as it is for every other member of the eurozone. Over the past few years it has pursued a strategy of building on those primary dealer relationships in all those countries, across sales, trading, origination and increasingly, advisory. It is, for example, the only non-French shareholder of the government-guaranteed bank funding agency Société de Financement de l'Economie Francaise (SFEF)."

"This has included doing more than merely providing financing," explains Spencer Lake, HSBC's Global Head of Debt Capital Markets. "Our services have been more holistic, including all the different components of what we do as a bank. In the crisis, we have demonstrated a better sense of loyalty than some others, and we hope this has stood us in good stead as markets have opened up a little," he says.

The Banker noted that: "The statistics suggest it has been having some success. Certainly, as the market came back to life in January, HSBC was the month's number one bookrunner in euro-denominated public sector debt issuance, according to Dealogic, and in all international bonds, according to Bloomberg. As international investors grow more cautious, and as sovereigns find themselves competing with new sources of supply, domestic markets are becoming more important to the success of sovereign issues."

"In this new world, where governments are competing against a host of new products, you have to stay closer to home," says PJ Bye, HSBC's Head of Public Sector Syndication, adding that's where "acting local" comes in handy. HSBC is the number one international dealer in Greece, according to PJ Bye. "We are not a purely domestic player, but we have that franchise," he adds.

"Accessing liquidity is a key issue now for all borrowers, and this showed that, even in a difficult period, deals get done, " says Frédéric Gabizon, HSBC Head of Eurozone Public Sector Debt Finance and Advisory.

Read The Banker's Team of the Month article.

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