HSBC historically had little need for wholesale funding in the public debt markets. But facing one of the largest targets in Europe due to new regulatory requirements, the bank stunned investors and rival banks alike as it rapidly priced a series of deals in the first half of 2016, tackling those needs head-on. As one of the world's major lenders, HSBC must build up safety buffers of debt to meet a requirement known as Total Loss Absorbing Capacity (TLAC) that aims to lift the burden of future bank failures from taxpayers' shoulders.
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