Bond Factsheet
HSBC 7.000% Perpetual Corp (USD)
HSBC Holdings PLC
Indicative
Full Lot
Bid Price 97.583
Change in Bid Price 0.125
Bid Yield (%) 7.346 %
Change in Bid Yield 0.019
Ask Price 98.250
Change in Ask Price 0.250
Ask Yield (%) 7.249 %
Change in Ask Yield 0.036
Indicative price as of 01 Oct 2026, 3:50pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
HSBC Holdings PLC
Guarantor
-
Announcement Date
17 Mar 2026
Issue Date
24 Mar 2026
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 9.483
Modified Duration
6.806 @ 30 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.000
Coupon Type
Variable
Annual Coupon Rate
7.000
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 24 March 2036 and every 5 years thereafter
Reset Rate: Prevailing 5Y UST + initial Margin (2.798%)
ISIN
US404280FJ33
CUSIP
404280FJ3
Bond Currency
USD
Total Issue Size
1,250,000,000
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)
***/ BBB
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Bail-in
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 by the relevant UK resolution authority in relation to any Securities 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 securityholder of such ordinary shares, other securities or other obligations), including by means of an amendment, modification or variation of the terms of the Securities or the Indenture; (iii) the cancellation of the Securities; and/or (iv) the amendment or alteration of the redemption date of the Securities or amendment of the amount of interest payable on the Securities, or the interest payment dates, including by suspending payment for a temporary period; 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. Moreover, each securityholder (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 Securities.
Automatic Conversion upon a Capital Adequacy Trigger Event: After a Capital Adequacy Trigger Event, the Securities will be automatically and irrevocably converted into the Issuer’s ordinary shares at the Conversion Price
Capital Adequacy Trigger Event: “Capital Adequacy Trigger Event” will occur if at any time the CET1 Ratio is less than 7.0% (consolidated, without applying transitional provisions then in effect under the Relevant Rules (unless the Relevant Rules otherwise require or permit))
Conversion Price: USD 3.6061 per Conversion Share (equivalent to GBP2.70 based on an exchange rate of GBP/USD £1.00 = $1.3356), subject to certain limited anti-dilution adjustments
Conversion Shares Offer: Following a Capital Adequacy Trigger Event, the Issuer may elect to offer some or all of the Conversion Shares to some or all of its ordinary shareholders at a price of GBP2.70 per Conversion Share (“Conversion Shares Offer Price”), subject to certain limited anti-dilution adjustments
Deferral Interest Payment
Interest on the Securities will be due and payable on an interest payment date only to the extent it is not cancelled or deemed to have been cancelled (in each case, in whole or in part) in accordance with the provisions described below. Any interest cancelled or deemed to have been cancelled (in each case, in whole or in part) will not be due and will not accumulate or be payable at any time thereafter, and the securityholders will have no rights thereto or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation. For the avoidance of doubt, any interest payments that have been cancelled or deemed to have been cancelled will not be payable if the Securities are redeemed as described under “—Redemption.”
Discretionary Interest Payments
Interest on the Securities will be due and payable at our sole discretion, and 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”). For the avoidance of doubt, references to “interest payment date” in, for the purposes of, and in connection with the provisions appearing in this section “—Interest Cancellation” shall include any date fixed for redemption of the Securities, in respect of any interest payment that may be payable on such date. If we do not make an interest payment in respect of the Securities on the relevant interest payment date (or if we elect to make a payment of a portion, but not all, of such interest payment), such non-payment will evidence the exercise of our discretion to cancel such interest payment (or the portion of such interest payment not paid), and accordingly such interest payment (or the portion thereof not paid) will not be due and payable.
Restrictions on Interest Payments
Without prejudice to the Discretionary Interest Payment Right or the prohibition contained in Rule 4.3(2) of 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 and (y) the amounts of any distributions of the kind referred to in Rule 4.3(2) of Chapter 4 (or any succeeding provision amending or replacing such rule) exceeds the Maximum Distributable Amount (if any) applicable to us as of such interest payment date;
(c) the Solvency Condition (as described under “—Subordination”) 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.
We may, in our sole discretion, elect to make a partial interest payment on the Securities on any interest payment date, only to the extent that such partial interest payment may be made without breaching the restrictions in the preceding paragraph. For the avoidance of doubt, the portion of interest not paid on the relevant interest payment date will be deemed to have been cancelled and thus will not be due and payable on such interest payment date.
Issuer Call
The Securities may be redeemed in whole (but not in part) at HSBC Holdings’ option in its sole discretion on any business day during any 2036 Securities Optional Redemption Period (an “Optional Redemption Date”), at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption (which interest will exclude any interest that is cancelled or deemed to have been cancelled as described under “Description of the Securities— Interest—Interest Cancellation” in the Preliminary Prospectus Supplement). Any redemption of the Securities is subject to the conditions described under “Description of the Securities—Redemption—Redemption or Purchase Conditions” in the Preliminary Prospectus Supplement.
“2036 Securities Optional Redemption Period” means the period commencing on the date falling six calendar months prior to a Reset Date and ending on such Reset Date (both dates inclusive).
Reset Date: March 24, 2036 and each fifth anniversary date thereafter (each such date, a “Reset Date”).
Additional Note
We may redeem the Securities in whole (but not in part) at our option in our sole discretion upon the occurrence of a Tax Event or a Capital Disqualification Event (each, a “Special Event”), at a redemption price equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption (which interest will exclude any interest that is cancelled or deemed to have been cancelled as described under “—Interest— Interest Cancellation”). Any redemption will be subject to the conditions described under “—Redemption—Redemption or Purchase Conditions.”
A “Capital Disqualification Event” will 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 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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