Citigroup Inc. versus HSBC Holdings PLC: A Bond Market Comparison

Our analysis May 4 reported on the bond market view of HSBC Holdings PLC (HSBC). Citigroup Inc. plays a similar role in the financial services business across the Atlantic.  From a bond market perspective, how does Citigroup Inc. compare to HSBC Holdings PLC? We answer that question in this note in light of our analysis of Citigroup Inc. on October 1, 2014. 

 The first thing to note is that Citigroup Inc., not surprisingly, is much more heavily traded in the U.S. fixed rate corporate bond market, as shown in the trading of fixed-rate senior non-call debt on May 4, 2015. 

Eleven bonds of HSBC Holdings PLC and 34 bonds of HSBC USA Inc. traded, and 56 bonds of Citigroup Inc. traded. The underlying principal amount traded on the Citigroup Inc. bonds was $157 million, compared to $107 million for six HSBC Holdings PLC-related issuers.
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