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HSBC Bank covered bondholders grant consents to amend bond program
By Angela McDaniels
Tacoma, Wash., June 22 - HSBC Bank plc said the holders of its series 1 through 4 covered bonds voted to pass an extraordinary resolution at a meeting on June 22.
Of the votes cast, 98.6% were in favor of the resolution, according to a bank news release.
Holders who voted electronically in favor of the proposed amendments by noon ET on June 14 will receive a consent fee equal to 0.05% of par.
The consent solicitation was for the bank's €1.5 billion of series 1 covered bonds due 2011, £400 million of series 2 covered bonds due 2012, CHF 300 million of series 3 covered bonds due 2017 and ¥10 billion of series 4 covered bonds due 2017.
The issuer solicited consents to approve a covered bondholder proposal to, among other things:
• Restructure HSBC's €25 billion global covered bond program to remove Halphen Mortgage Backed Securities plc as a member in the partnership and to terminate Halphen's ability to issue residential mortgage-backed securities;
• Remove Standard & Poor's from the program to effect the removal of the ratings from each series of covered bonds; and
• Appoint Deutsche Trustee Co. Ltd. as the new covered bond trustee and limited liability partnership security trustee following the resignation of Law Debenture Trust Co. of New York.
As part of the restructuring of the bond program, HSBC redeemed and canceled its £14 billion of series 5 through 11 covered bonds.
The solicitation agent was HSBC Bank plc (44 20 7991 5110 or liability.management@hsbcib.com). The tabulation agent was Deutsche Bank AG (44 20 7547 5000 or Xchange.offer@db.com).
HSBC is a financial services company based in London.
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