Bond Factsheet
Marketplace
HSBC 5.741% 10Sep2036 Corp (USD)
HSBC Holdings PLC
Full Lot
Bid Price 94.647
Change in Bid Price 2.831
Bid Yield (%) 6.486 %
Change in Bid Yield 0.417
Bid Volume 200,000
Ask Price 94.947
Change in Ask Price 2.531
Ask Yield (%) 6.443 %
Change in Ask Yield 0.374
Ask Volume 200,000
Price as of 03 Oct 2026, 1:21am
Odd Lot
Bid Price 94.447
Change in Bid Price 0.386
Bid Yield (%) 6.514 %
Change in Bid Yield 0.056
Bid Volume 100,000
Ask Price 94.997
Change in Ask Price 0.164
Ask Yield (%) 6.436 %
Change in Ask Yield 0.022
Ask Volume 100,000
Price as of 03 Oct 2026, 1:21am
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 Sep 2025
Issue Date
10 Sep 2025
Maturity Date
10 Sep 2036
Years to Maturity / Next Call
9.939 / 8.936
Modified Duration
7.365 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.741
Coupon Type
Variable
Annual Coupon Rate
5.741
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 10 September 2035 and every quarter thereafter
Reset Rate: SOFR + Initial Margin (1.960%)
ISIN
US404280FB07
CUSIP
404280FB0
Bond Currency
USD
Total Issue Size
1,500,000,000
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
Agreement with Respect to the Exercise of UK Bail-in Power
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 by the relevant UK resolution authority in relation to any Notes that (without limitation) may include and result in any of the following, or some combination thereof: (i) the reduction of all, or a portion, of the Amounts Due; (ii) the conversion of all, or a portion, of the Amounts Due into our or another person’s ordinary shares, other securities or other obligations (and the issue to, or conferral on, the noteholder of such ordinary shares, other securities or other obligations), including by means of an amendment, modification or variation of the terms of the Notes or the Indenture; (iii) the cancellation of the Notes; and/or (iv) the amendment or alteration of the Maturity Date of the Notes or amendment of the amount of interest payable on the Notes, or the interest payment dates, including by suspending payment for a temporary period; 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. 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.
“UK bail-in power” means the powers under the UK bail-in legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, write-down, transfer, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability;
Issuer Call
Par Redemption Date: September 10, 2035
Additional Note
Following the occurrence of a Capital Disqualification Event, we may, in our sole discretion, redeem the Notes in whole, but not in part at a redemption price equal to 100% of their principal amount, plus any accrued and unpaid interest, if any, to (but excluding) the date fixed for redemption.
A “Capital Disqualification Event” means an event that shall be deemed to have occurred if we determine at any time after the Issue Date, that there is a change in the regulatory classification of the Notes that results in or will result in either their:
(i) exclusion in whole or in part from the regulatory capital of the HSBC Group; or
(ii) reclassification in whole or in part as a form of regulatory capital of the HSBC Group that is lower than tier 2 capital (if any).
Residual Call
If the outstanding aggregate principal amount of the Notes is 25% or less of the aggregate principal amount of the Notes originally issued (and, for these purposes, any additional notes issued after the Issue Date and consolidated with the Notes as part of the same series shall be deemed to have been originally issued), the Issuer may, at its option in its sole discretion, redeem the remaining outstanding Notes in whole (but not in part) at any time at a redemption price equal to 100% of the principal amount of such outstanding Notes plus any accrued and unpaid interest to (but excluding) the date of redemption, as more fully described under “Description of the Notes—Redemption—Residual Call” in the Preliminary Prospectus Supplement
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