Bond Factsheet
HSBC 6.254% 09Mar2034 Corp (USD)
HSBC Holdings PLC
Indicative
Full Lot
Bid Price 100.241
Change in Bid Price 0.103
Bid Yield (%) 6.207 %
Change in Bid Yield 0.020
Ask Price 100.506
Change in Ask Price 0.082
Ask Yield (%) 6.156 %
Change in Ask Yield 0.015
Indicative price as of 06 Oct 2026, 4:04pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
HSBC Holdings PLC
Guarantor
-
Announcement Date
02 Mar 2023
Issue Date
09 Mar 2023
Maturity Date
09 Mar 2034
Years to Maturity / Next Call
7.425 / 6.425
Modified Duration
5.843 @ 06 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.254
Coupon Type
Variable
Annual Coupon Rate
6.254
Coupon Frequency
Semi Annually
Seniority
Senior Unsecured
Capital Structure
Senior Unsecured
Reference Rate
Reset Date: 09 March 2033 and every quarter thereafter
Reset Rate: Compounded Daily SOFR + Margin (2.390%)
ISIN
US404280DV88
CUSIP
404280DV8
Bond Currency
USD
Total Issue Size
2,250,000,000
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)
***/ A+
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
By its acquisition of the Notes, each noteholder (which, for these purposes, includes each beneficial owner) will acknowledge, accept, consent and agree, notwithstanding any other term of the Notes, the Indenture or any other agreements, arrangements or understandings between us and any noteholder, to be bound by (a) the effect of the exercise of any UK bail-in power (as defined under “Description of the Notes—Definitions”) by the relevant UK resolution authority (as defined under “Description of the Notes—Definitions”); and (b) the variation of the terms of the Notes 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 Notes—Additional Amounts”), on the Notes. 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 Notes—Agreement with Respect to the Exercise of UK Bail-in Power.”
Moreover, each noteholder (which, for these purposes, includes each beneficial owner) will consent to the exercise of any 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 Notes.
Issuer Call
Following the 2034 Fixed/Floating Rate Notes Make-Whole Redemption Period, we may also redeem the 2034 Fixed/Floating Rate Notes in whole (but not in part) in our sole discretion on March 9, 2033 (the “2034 Fixed/Floating Rate Notes Par Redemption Date”) (a “2034 Fixed/Floating Rate Notes Par Redemption”). The redemption price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the 2034 Fixed/Floating Rate Notes Par Redemption Date.
Make Whole Call
We may, in our sole discretion, redeem the 2034 Fixed/Floating Rate Notes during the 2034 Fixed/Floating Rate Notes Make-Whole Redemption Period (as defined below), in whole at any time during such period or in part from time to time during such period, at a redemption price equal to the greater of:
i) 100% of the principal amount of the 2034 Fixed/Floating Rate Notes to be redeemed; and
(ii) as determined by the Determination Agent, the sum of the present values of (a) the principal amount of the 2034 Fixed/Floating Rate Notes to be redeemed (discounted from the 2034 Fixed/Floating Rate Notes Par Redemption Date) and (b) the remaining payments of interest to be made on any scheduled Interest Payment Date to (and including) the 2034 Fixed/Floating Rate Notes Par Redemption Date for the 2034 Fixed/Floating Rate Notes to be redeemed (not including accrued but unpaid interest to (but excluding) the applicable redemption date, if any, on the principal amount of the 2034 Fixed/Floating Rate Notes), discounted to the applicable redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Reference Treasury Rate plus 35 basis points,
in each case, plus any accrued and unpaid interest on the 2034 Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date (each, a “2034 Fixed/Floating Rate Notes Make-Whole Redemption”).
The “2034 Fixed/Floating Rate Notes Make-Whole Redemption Period” means the period beginning on (and including) September 9, 2023 (six months following the Issue Date) to (but excluding) March 9, 2033 (the “2034 Fixed/Floating Rate Notes Par Redemption Date”); provided that if any additional notes of the same series are issued after the Issue Date, the 2034 Fixed/Floating Rate Notes Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes.
Additional Note
Following the occurrence of a Loss Absorption Disqualification Event, we may, on the terms and subject to the provisions set forth under “Description of the Notes—Redemption”, within 90 days of the occurrence of the relevant Loss Absorption Disqualification Event, in our sole discretion, redeem the Notes in whole, but not in part (such option to redeem being referred to herein as a “Loss Absorption Disqualification Event Redemption Option”), at a redemption price equal to 100% of their principal amount, plus any accrued and unpaid interest to (but excluding) the applicable redemption date.
If we determine, in our sole discretion, that the inclusion of the Loss Absorption Disqualification Event Redemption Option provisions in the terms of the Indenture and any series of Notes could reasonably be expected to cause a Loss Absorption Disqualification Event to occur, then the provisions relating to the Loss Absorption Disqualification Event Redemption Option shall be deemed not to apply for all purposes relating to such Notes and we shall not have any right to redeem such Notes pursuant to a Loss Absorption Disqualification Event Redemption Option. In such circumstances, we shall promptly provide notice to the trustee, the paying agent, the calculation agent and the holders of such Notes that the Loss Absorption Disqualification Event Redemption Option does not apply; provided that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of holders under Section 9.02 of the Base Indenture. See “Description of the Notes—Redemption” and the sub-headings thereunder. See “Risk Factors—Risks Relating to the Notes—We may redeem the Notes at our option in certain situations.”
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