New Issue: HSBC sells $2 billion 2.633% six-year fixed-to-floating notes at par

By Devika Patel

Knoxville, Tenn., Nov. 1 – HSBC Holdings plc priced $2 billion of 2.633% six-year fixed-to-floating rate senior notes (A2/A/AA-) at a spread of Treasuries plus 112 basis points on Thursday, according to an FWP filed with the Securities and Exchange Commission.

The London banking and financial services group sold the notes at par with an initial 2.633% coupon, which will convert to a rate equal to Libor plus 114 bps on Nov. 7, 2024.

HSBC Securities (USA) Inc. was the bookrunner.

Issuer:	HSBC Holdings plc
Issue:	Fixed-to-floating rate senior notes
Amount:	$2 billion
Maturity:	Nov. 7, 2025
Bookrunner:	HSBC Securities (USA) Inc.
Co-managers:	Citigroup Global Markets Inc., ING Financial Markets LLC, J.P. Morgan Securities LLC, Lloyds Securities Inc., Santander Investment Securities Inc., Wells Fargo Securities LLC, ABN Amro Inc., ANZ Securities, Inc., BBVA Securities Inc., Commerzbank Capital Markets Corp., Danske Markets Inc., Natixis Securities Americas LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, UniCredit Capital Markets LLC and Westpac Banking Corp.
Coupon:	2.633% until Nov. 7, 2024 then at Libor plus 105.5 bps
Price:	Par
Spread:	Treasuries plus 112 bps
Call feature:	Non-callable
Trade date:	Oct. 31
Settlement date:	Nov. 7
Ratings:	Moody’s: A2
	S&P: A
	Fitch: AA-
Distribution:	SEC registered

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