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HSBC Bank announces passing of consent fee deadline for covered bonds
By Angela McDaniels
Tacoma, Wash., June 15 - HSBC Bank plc said the early voting deadline has passed in the consent solicitation for four series of its covered bonds. Bondholders may still vote electronically in favor of the proposed amendments, but they will not be entitled to the consent fee.
The early voting deadline was noon ET on June 14. The consent fee is 0.05% of par.
The consent solicitation is for the bank's €1.5 billion of series 1 covered bonds due 2011, £400 million of series 2 covered bonds due 2012, CHF 300 million of series 3 covered bonds due 2017 and ¥10 billion of series 4 covered bonds due 2017.
The issuer is soliciting consents to approve a covered bondholder proposal to, among other things:
• Restructure HSBC's €25 billion global covered bond program to remove Halphen Mortgage Backed Securities plc as a member in the partnership and terminate Halphen's ability to issue residential mortgage-backed securities;
• Remove Standard & Poor's from the program to effect the removal of the ratings from each series of covered bonds; and
• Appoint Deutsche Trustee Co. Ltd. as the new covered bond trustee and limited liability partnership security trustee following the resignation of Law Debenture Trust Co. of New York.
As part of the restructuring of the bond program, HSBC said that it intends to redeem in full its £14 billion of series 5-11 covered bonds.
A bondholder meeting will take place at 5 a.m. ET on June 22 in London.
The solicitation agent is HSBC Bank plc (44 20 7991 5110 or liability.management@hsbcib.com). The tabulation agent is Deutsche Bank AG (44 20 7547 5000 or Xchange.offer@db.com).
The financial services company is based in London.
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