HSBC plans to conduct two-part offering of fixed-to-floaters

By Devika Patel

Knoxville, Tenn., Aug. 11 – HSBC Holdings plc will conduct a two-tranche offering of fixed-to-floating rate notes, according to a 424B2 filing with the Securities and Exchange Commission.

The fixed-to-floaters will initially have a fixed coupon and then an interest rate based on SOFR.

Both notes may be called at par on a particular redemption date.

HSBC Securities (USA) Inc. is the bookrunner.

Proceeds will be used for tender offers for the company’s $1,164,307,000 3.4% senior notes due March 2021, $1,032,254,000 5.1% senior notes due April 2021, $2.5 billion 2.95% senior notes due May 2021, $900 million 4.875% senior notes due January 2022, $2.5 billion 2.65% senior notes due January 2022, $2 billion 4% senior notes due March 2022, $1 billion floating-rate senior notes due March 2021, $1 billion floating-rate senior notes due May 2021 and $1.25 billion floating-rate senior notes due January 2022.

The issuer is a banking and financial services group based in London.

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