HSBC plans to price offering of fixed-to-floating notes in two parts; price talk set

By Marisa Wong and Cristal Cody

Los Angeles, Aug. 10 – HSBC Holdings plc is offering fixed-to-floating rate senior notes in two tranches, according to a 424B2 filing with the Securities and Exchange Commission.

The offering includes notes due Aug. 17, 2023 with spread talk in the 70 basis points area over Treasuries and notes due Aug. 17, 2028 talked to yield in the 130 bps area over Treasuries, a market source told Prospect News.

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

Both tranches will have a make-whole call option and then a par call.

HSBC Securities (USA) Inc. is the bookrunner.

Proceeds will be used for general corporate purposes.

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

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