Bond Factsheet
HSBC 4.700% Perpetual Corp (SGD)
HSBC Holdings PLC
Indicative
Full Lot
Bid Price 99.999
Change in Bid Price 0.010
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.166
Change in Ask Price 0.001
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 08 Jun 2022, 12:00am
Bond Issuer
HSBC Holdings PLC
Guarantor
-
Announcement Date
01 Jun 2017
Issue Date
08 Jun 2017
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.675
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.700
Coupon Type
Variable
Annual Coupon Rate
4.700
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Junior Subordinated
Reference Rate
Reset Date: 08Jun2022 and every 5 years thereafter
Reset Rate: 5-year SGD SOR + Initial Margin (2.870%)
ISIN
XS1624509300
CUSIP
AN8215914
Bond Currency
SGD
Total Issue Size
1,000,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
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
(i) each Affected Security shall, subject to and as provided in this Condition 10(b), be irrevocably discharged and satisfied by its conversion into Ordinary Shares, credited as fully paid, in the manner and in the circumstances described below and the issuance and delivery of such Ordinary Shares to the Settlement Shares Depositary, to be held on trust (which trust must, if Condition 10(f) (Conversion Shares Offer) is specified in the relevant Pricing Supplement as being applicable in respect of the Affected Securities, be on terms permitting a Conversion Shares Offer in accordance with Condition 10(f) (Conversion Shares Offer)) for the Securityholders, as provided below;
(ii) such conversion shall occur without delay upon the occurrence of such Capital Adequacy Trigger and, in any event, within one month from the time it is determined that the Capital Adequacy Trigger has occurred or within such shorter period as the Lead Regulator applicable to the Issuer may require (such date on which conversion is to occur shall be specified in the Capital Adequacy Trigger Notice and is referred to in these Conditions as the "Conversion Date" in respect of the Affected Securities); and
(iii) the relevant Securities will be converted in whole and not in part on the Conversion Date as provided below, at which point all of the Issuer's obligations under the Securities shall be irrevocably discharged and satisfied by the Issuer's issuance and delivery of the relevant Ordinary Shares to the Settlement Shares Depositary on the Conversion Date.
"Capital Adequacy Trigger" means at any time that the Common Equity Tier 1 Capital Ratio of the Group is below 7.00 per cent.
"Common Equity Tier 1 Capital Ratio" means, as at any date, the ratio of the CET1 Capital as at such date to the Risk Weighted Assets as at the same date, expressed as a percentage and on the basis that all measures used in such calculation shall be calculated without applying the transitional provisions set out in Part Ten of the CRD IV Regulation (or in any successor provisions thereto or any equivalent provisions of the Applicable Rules which replace or supersede such provisions);
Conversion Price: SGD[TBD] per share (equivalent to GBP2.70 based on an exchange rate of GBP/SGD [TBD]), subject to certain anti-dilution adjustments Conversion Share Offer: Following a Capital Adequacy Trigger, the Issuer may elect to offer some or all of the Conversion Shares to some or all of its shareholders at a price of GBP2.70, subject to certain anti-dilution adjustments
Deferral Interest Payment
The Issuer shall be entitled at its full discretion to cancel (in whole or in part) any amounts of interest otherwise payable in respect of the Securities on any date. Unless otherwise specified, references in these Conditions to a payment of interest being "cancelled" (and similar references) shall include cancellation by reason of it not being due in accordance with Condition 2(b) (Subordination - conditions to payments), the cancellation of such payment of interest (or relevant part thereof) in accordance with Condition 5(b) (Restrictions on Interest Payments) or 10(g) (Accrued interest following a Capital Adequacy Trigger) or, as appropriate, the Issuer's exercise of its discretion otherwise to cancel such payment of interest (or relevant part thereof) in accordance with this Condition 5(a). If the Issuer does not make any such payment of interest (or any part thereof) on the relevant date for payment, such non-payment shall evidence the non-payment and cancellation of such payment of interest (or relevant part thereof) and accordingly such interest shall not in any such case be due and payable. Any payment of interest (or relevant part thereof) which is cancelled shall not become due and shall not accumulate or be payable at any time after its cancellation, and Securityholders shall have no rights in respect thereof and any such cancellation or non-payment (in whole or in part) shall not constitute a default or event of default on the part of the Issuer for any purpose.
Issuer Call
Callable on 08 Jun 2022 and every 5 years thereafter at par.
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