Bond Factsheet
HSBC 6.500% Perpetual Corp (USD)
HSBC Holdings PLC
Indicative
Full Lot
Bid Price 99.886
Change in Bid Price 0.061
Bid Yield (%) 6.520 %
Change in Bid Yield 0.012
Ask Price 100.435
Change in Ask Price 0.050
Ask Yield (%) 6.162 %
Change in Ask Yield 0.039
Indicative price as of 30 Oct 2026, 3:49pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
HSBC Holdings PLC
Guarantor
-
Announcement Date
19 Mar 2018
Issue Date
23 Mar 2018
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.395
Modified Duration
1.302 @ 30 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.500
Coupon Type
Variable
Annual Coupon Rate
6.500
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date 23 March 2028 and every 5 years thereafter
Reset Rate: USD 5Y Mid-Market Swap Rate + 3.606%
ISIN
US404280BP39
CUSIP
404280BP3
Bond Currency
USD
Total Issue Size
1,800,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ BBB
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Capital Adequacy Trigger Event
A " Capital Adequacy Trigger Event" will occur if at any time the end-point CET1 Ratio is less than 7.0%.Whether a Capital Adequacy Trigger Event has occurred at any time will be determined by us, the Relevant Regulator or any agent of the Relevant Regulator appointed for such purpose by the Relevant Regulator.
Automatic Conversion upon a Capital Adequacy Trigger Event
The Securities will not be convertible into Conversion Shares at the option of the securityholders at any time.
"Conversion Shares" means our ordinary shares to be issued to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms of the Securities) following an Automatic Conversion, which ordinary shares will be in such number as is determined by dividing the aggregate principal amount of the Securities outstanding immediately prior to the Conversion Date by the Conversion Price rounded down, if necessary, to the nearest whole number of ordinary shares. The "Conversion Price" is fixed initially at $3.7881 and is subject to certain anti-dilution adjustments as described under "Description of the Securities-Anti-dilution-Adjustment of Conversion Price and Conversion Shares Offer Price." On the issue date, the Conversion Shares Offer Price and the Conversion Price will be equal (based on an exchange rate of £1.00 = $1.403).
Agreement with Respect to the Exercise of UK Bail-in Power
By its acquisition of the Securities, each securityholder (which, for these purposes, includes each beneficial owner) will acknowledge, accept, consent and agree, notwithstanding any other termof the Securities, the Indenture or any other agreements, arrangements or understandings between us and any securityholder, to be bound by (a) the effect of the exercise of any UK bail-in power (as defined under "Description of the Securities-Agreement with Respect to the Exercise of UK Bail-in Power") by the relevant UK resolution authority (as defined under "Description of the Securities-Agreement with Respect to the Exercise of UK Bail-in Power"); and (b) the variation of the terms of the Securities or the Indenture, if necessary, to give effect to the exercise of any UK bail-in power by the relevant UK resolution authority. No repayment or payment of Amounts Due will become due and payable or be paid after the exercise of any UK bail-in power by the relevant UK resolution authority if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. For these purposes, "Amounts Due" are the principal amount of, and any accrued but unpaid interest, including any Additional Amounts (as defined under "Description of the Securities-Additional Amounts"), on, the Securities. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of any UK bail-in power by the relevant UK resolution authority. See "Description of the Securities-Agreement with Respect to the Exercise of UK Bail-in Power." Moreover, each securityholder (which, for these purposes, includes each beneficial owner) will consent to the exercise of the UK bail-in power as it may be imposed without any prior notice by the relevant UK resolution authority of its decision to exercise such power with respect to the Securities. For the avoidance of doubt, the potential conversion of the Securities into shares, other securities or other obligations in connection with the exercise of any UK bail-in power by the relevant UK resolution authority is separate and distinct from an Automatic Conversion following a Capital Adequacy Trigger Event.
Deferral Interest Payment
If practicable, we will provide notice of any cancellation or deemed cancellation of interest (in each case, in whole or in part) to the securityholders through the Depository Trust Company ("DTC") (or, if the Securities are held in definitive form, to the securityholders at their addresses shown on the register for the Securities) and to the trustee and the paying agent directly on or prior to the relevant interest payment date. If practicable, we will endeavor to do so at least five business days prior to the relevant interest payment date. Failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such cancellation or deemed cancellation of interest (and accordingly, such interest will not be due and payable), or give the securityholders any rights as a result of such failure.
By its acquisition of the Securities, each securityholder (which, for these purposes, includes each beneficial owner) will acknowledge and agree that:
(a) interest is payable solely at our discretion and no amount of interest will become due and payable in respect of the relevant interest period to the extent that it has been (x) cancelled (in whole or in part) by us at our sole discretion and/or (y) deemed to have been cancelled (in whole or in part), including as a result of our Distributable Items or the Maximum Distributable Amount being exceeded, failing to satisfy the Solvency Condition or an order from the Relevant Regulator; and
(b) a cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms of the Indenture (as defined below) and the Securities will not constitute a default in payment or otherwise under the terms of the Indenture or the Securities.
Issuer Call
Callable on 23 March 2028 and every 5 years thereafter.
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