By Aaron Hochman-Zimmerman
New York, June 29 - Hang Seng Bank Ltd. sold $300 million of 10-year subordinated lower tier II notes (Aa2 expected/AA- expected) at par to yield Libor plus 28 basis points, according to a source close to the deal.
The coupon is Libor plus 25 bps.
The bonds are non-callable for five years. If they are not called, the coupon steps up by 50 bps.
HSBC brought the Regulation S deal to market.
Hang Seng is a Hong Kong-based commercial and investment bank.
Issuer: Hang Seng Bank Ltd.
Amount: $300 million
Issue: 10-year subordinated lower tier II notes
Maturity: July 5, 2017
Coupon: Libor plus 25 bps
| Price: | 99.868
|
| Spread: | Libor plus 28 bps |
|
| Callable: | July 6, 2012 |
|
| Bookrunners: | HSBC
|
| Pricing date: | June 28
|
| Settlement date: | July 5
|
| Ratings: | Moody's: Aa2 (expected)
|
| Standard & Poor's: AA- (expected)
|
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