ASYN / Secondary Markets
● MARKET OPEN 07:38 LON
Dealer Axes
Portfolio-relevant only
Total axes
14
Relevant
5
Total available
£182m
Sources
6 banks
Switch ideas
3
As of
07:15 LON today
Bond Mid (bps) ↑ Bid / Offer Available Banks Liquidity
SWITCH IDEAS ✦ AI-surfaced
+14
bps pickup
Confidence: High
Same rating · same currency
SELL HSBC Holdings 2028 +72 bps
↓ 3.7y · Senior Preferred · £20m
BUY Santander UK 2029 Cov +58 bps
↓ 4.2y · Covered Bond · £32m avail (3 banks)
Why: HSBC 2028 tight vs senior curve (+72 vs fair +76). Santander UK Cov attractive vs covered curve (+58 vs fair +54). Net pickup +14 bps on same duration. Improves portfolio quality (covered > senior preferred).
+8
bps pickup
Confidence: Medium
+0.3y duration extension
SELL Lloyds Bank 2027 +58 bps
BUY Barclays 2028 Senior +66 bps
Why: Lloyds 2027 rolling down curve, spread now tight. Barclays 2028 offered by NatWest and Citi, £25m combined. Pickup +8 bps with minor duration extension.
+5
bps pickup
Confidence: Medium
Liquidity improvement
SELL Westpac AUD 2030 Cov +55 bps
BUY ANZ Bank 2030 Cov +60 bps
Why: Same issuer type, same maturity. ANZ axe posted by Deutsche and HSBC. Higher liquidity score. AUD cross-currency basis currently +3 bps favourable.
SELL CANDIDATES  ·  tight vs curve
HSBC Holdings 2028
GBP · Senior Pref · 3.7y
−4 bps vs senior curve
+72 mid
Lloyds Bank 2027
GBP · Senior Pref · 2.8y
Short, rolling down · −2 bps
+58 mid
Nat Grid 2028
GBP · Snr Unsec · 2.9y
Shorter to replace with 5Y new
+87 mid