Bond Factsheet
HSBC 6.875% Perpetual Corp (USD)
HSBC Holdings PLC
Indicative
Full Lot
Bid Price 99.363
Change in Bid Price 1.110
Bid Yield (%) 7.043 %
Change in Bid Yield 0.327
Ask Price 99.825
Change in Ask Price 0.957
Ask Yield (%) 6.920 %
Change in Ask Yield 0.305
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
HSBC Holdings PLC
Guarantor
-
Announcement Date
04 Sep 2024
Issue Date
11 Sep 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 3.936
Modified Duration
3.378 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.875
Coupon Type
Variable
Annual Coupon Rate
6.875
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 11 March 2030 and every 5 years thereafter
Reset Rate: Prevailing 5Y UST + Margin (3.298%)
ISIN
US404280EH85
CUSIP
404280EH8
Bond Currency
USD
Total Issue Size
1,350,000,000
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
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 term of 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 and unpaid interest, including any Additional Amounts (as defined under “Description of Contingent Capital Securities—Additional Amounts” in the accompanying prospectus), 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.”
Capital Adequacy Trigger Event
A “Capital Adequacy Trigger Event” will occur if at any time the non-transitional 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. “non-transitional CET1 Ratio” means, as of any date, the ratio of CET1 Capital to the Risk Weighted Assets, in each case as of such date, expressed as a percentage.
Automatic Conversion upon a Capital Adequacy Trigger Event
If a Capital Adequacy Trigger Event occurs, then an Automatic Conversion will occur without delay (but no later than one month following the date on which it is determined such Capital Adequacy Trigger Event has occurred), as described under “Description of the Securities—Automatic Conversion Upon Capital Adequacy Trigger Event—Procedure—Automatic Conversion Procedure,” at which point all of our obligations under the Securities will be irrevocably and automatically released in consideration of our issuance of the Conversion Shares to the Conversion Shares Depository on behalf of the securityholders (or to the relevant recipient in accordance with the terms of the Securities) on the date on which the Automatic Conversion will take place, or has taken place, as applicable (such date, the “Conversion Date”), in accordance with the terms of the Securities and the Indenture, and under no circumstances will such released obligations be reinstated.
“Conversion Price” is fixed initially at $3.550 per Conversion Share 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.”
“Conversion Shares Offer Price” is fixed initially at £2.70 per Conversion Share 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.”
Deferral Interest Payment
Interest payments are fully discretionary, and non-cumulative
We will have sole and absolute discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any interest payment date (the “Discretionary Interest Payment Right”).
Restrictions on Interest Payments
Without prejudice to the Discretionary Interest Payment Right or the prohibition contained in Rule 4.3(2) of Chapter 4 of the “CRR Firms – Capital Buffers” Part of the PRA Rulebook (or any succeeding provision(s) amending or replacing such Chapter) (“Chapter 4”) on the making of payments on the Securities before the Maximum Distributable Amount has been calculated, subject to the extent permitted in the following paragraph in respect of partial interest payments in respect of the Securities, we will not make an interest payment on any interest payment date (and such interest payment will therefore be deemed to have been cancelled and thus will not be due and payable on such interest payment date) if:
(a) the amount of Relevant Distributions exceeds the amount of Distributable Items as of such interest payment date;
(b) the aggregate of (x) the interest amount payable in respect of the Securities an
to in Rule 4.3(2) of Chapter 4 exceeds the Maximum Distributable Amount (if any) applicable to us as of such interest payment date;
(c) the Solvency Condition is not satisfied in respect of such interest payment; or
(d) the Relevant Regulator orders us to cancel (in whole or in part) the interest otherwise payable on such interest payment date.
Issuer Call
“2030 Securities Optional Redemption Period” means the period commencing on the date falling six calendar months prior to a 2030 Securities Reset Date and ending on such 2030 Securities Reset Date (both dates inclusive).
First Call Period: From (and including) September 11, 2029 to (and including) March 11,2030
Additional Note
The Securities may be redeemed in whole (but not in part) at the Issuer’s option in its sole discretion upon the occurrence of a Tax Event or Capital Disqualification Event, as described under “Description of the Securities— Redemption—Special Event Redemption” in the Preliminary Prospectus Supplement.
A “Capital Disqualification Event” will be deemed to have occurred if we determine, at any time after the Issue Date, there is a change in the regulatory classification of the Securities that results or will result in either their (i) exclusion in whole or in part from the HSBC Group’s regulatory capital (other than as a consequence of an Automatic Conversion); or (ii) reclassification in whole or in part as a form of the HSBC Group’s regulatory capital that is lower than additional Tier 1 capital.
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