HSBC Holdings to offer fixed-rate/floating-rate subordinated notes

By Mary-Katherine Stinson

Lexington, Ky., Nov. 6 – HSBC Holdings plc will offer fixed-rate/floating-rate subordinated notes, according to a 424B2 filing with the Securities and Exchange Commission.

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

The notes are callable at par on the par redemption date, or due to a tax event or a capital disqualification event.

HSBC Securities (USA) Inc. is the bookrunner.

Bank of New York Mellon, London Branch is the trustee.

Cleary Gottlieb Steen & Hamilton LLP will advise HSBC. The underwriters are being represented by Linklaters LLP.

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

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

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