HSBC outlines offering of fixed-to-floating subordinated notes

Chicago, June 12 – HSBC Holdings plc is in the dollar market on Monday with an offering of fixed-to-floating rate subordinated notes, according to a 424B2 filing with the Securities and Exchange Commission.

The initial rate will convert to a floating rate after a certain point.

The notes will be redeemable at par on a single par redemption date at HSBC’s option.

If there is a capital disqualification event, HSBC may redeem the notes at par.

HSBC Securities (USA) Inc. is the sole bookrunner.

Bank of New York Mellon, London Branch will be the trustee.

Cleary Gottlieb Steen & Hamilton LLP is advising the issuer on legal matters. The bookrunner is using Linklaters LLP.

Proceeds will be used for general corporate purposes and to strengthen the bank’s capital base.

HSBC is a London-based banking and financial services group.

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