Bond Factsheet
Marketplace
HSBC 5.250% Perpetual Corp (SGD)
HSBC Holdings PLC
Full Lot
Bid Price 101.400
Change in Bid Price 1.100
Bid Yield (%) 4.687 %
Change in Bid Yield 0.426
Bid Volume 250,000
Ask Price 102.000
Change in Ask Price 0.500
Ask Yield (%) 4.450 %
Change in Ask Yield 0.189
Ask Volume 250,000
Price as of 02 Oct 2026, 4:50pm
Odd Lot
Bid Price 101.400
Change in Bid Price 0.750
Bid Yield (%) 4.687 %
Change in Bid Yield 0.296
Bid Volume 100,000
Ask Price 102.050
Change in Ask Price 0.100
Ask Yield (%) 4.430 %
Change in Ask Yield 0.039
Ask Volume 100,000
Price as of 02 Oct 2026, 4:50pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
HSBC Holdings PLC
Guarantor
-
Announcement Date
06 Jun 2024
Issue Date
14 Jun 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 2.699
Modified Duration
2.450 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.250
Coupon Type
Variable
Annual Coupon Rate
5.250
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 14 December 2029 and every 5 years thereafter
Reset Rate: Prevailing 5Y SORA + Margin (2.237%)
ISIN
XS2764959842
CUSIP
YX5827903
Bond Currency
SGD
Total Issue Size
1,500,000,000
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
Automatic Conversion upon a Capital Adequacy Trigger: Following a Capital Adequacy Trigger, the Securities will be automatically and irrevocably converted in whole and not in part into the Issuer’s Ordinary Shares at the Conversion Price, subject to the following applicable Adjustment Events: Alteration to Nominal Value Event, Bonus Issue Event, Extraordinary Dividend Event and Rights Issue Event.
Capital Adequacy Trigger: Non-transitional CET1 capital ratio of the Group falling below 7.0% (consolidated, without applying transitional provisions)
Conversion Price: SGD 4.6481 per Conversion Share (equivalent to GBP 2.70 based on an exchange rate of GBP 1.00 = SGD 1.7215), subject to certain limited anti-dilution adjustments (including Alteration to Nominal Value Event; Bonus Issue Event; Extraordinary Dividend Event; Rights Issue Event)
Conversion Shares 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 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
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 payment), the cancellation of such payment of interest (or relevant part thereof) in accordance with Condition 5(b) (Restrictions on Interest Payments) or 9(g) (Accrued Interest following 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.
Non-cumulative
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.
Restrictions on Interest Payments
Without prejudice to (1) Condition 5(a) (Interest Payments Discretionary) above or (2) the prohibition contained in 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, if and to the extent that on any date on which interest is payable in respect of the Securities:
(i) the amount of Relevant Distributions relating to such date exceeds the amount of Distributable Items; or
(ii) the aggregate of (A) the relevant interest amount payable in respect of the Securities and (B) 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 the Issuer as of such date; or
(iii) the Lead Regulator applicable to the Issuer orders the Issuer to cancel (in whole or in part) the interest otherwise payable on such date, the Issuer shall cancel (in whole or, as the case may be, in part) the interest otherwise payable on such date.
Issuer Call
Subject to Condition 2(b) (Subordination – conditions to payments), Condition 6(g) (Capital Adequacy Trigger Notice) and Condition 6(i) (Supervisory Consent), where this Condition 6(c) is stated to be applicable in the relevant Pricing Supplement, Securities shall be redeemable at the option of the Issuer. In such case, the Issuer may, on any Call Option Date(s) specified in the relevant Pricing Supplement, on giving (in accordance with Condition 14 (Notices)) not less than 30 nor more than 60 days' notice to the Securityholders (or such other period specified in the relevant Pricing Supplement) (which notice shall, subject to Conditions 2(b) (Subordination – conditions to payment) and 6(g) (Capital Adequacy Trigger Notice), be irrevocable) specifying the date fixed for such redemption, subject to Conditions 2(b) (Subordination – conditions to payment) and 6(g) (Capital Adequacy Trigger Notice), redeem all of such Securities (or, if so specified in the relevant Pricing Supplement and subject as therein specified, some only of the Securities) at their Early Redemption Amount (Call) or such other redemption amount as set out in the relevant Pricing Supplement together with (to the extent not cancelled pursuant to these Conditions) interest accrued and unpaid thereon, if any, to the date fixed for redemption.
Call Option Date(s): Any Business Day during the periods commencing on (and including) the date falling six months prior to each of: (i) the First Reset Date, (ii) the Second Reset Date and (iii) any Subsequent Reset Date, and ending on (and including) such reset date.
First Reset Date: The Resettable Security Interest Payment Date falling on 14 December 2029
Second Reset Date: The Resettable Security Interest Payment Date falling on 14 December 2034
Subsequent Reset Dates: The Resettable Security Interest Payment Date falling on 14 December 2039 and thereafter each Resettable Security Interest Payment Date falling on 14 December in each year falling 5 years after the immediately preceding Subsequent Reset Date
Additional Note
Subject to Condition 2(b) (Subordination – conditions to payments), Condition 6(g) (Capital Adequacy Trigger Notice) and Condition 6(i) (Supervisory Consent), if this Condition 6(f) is specified as being applicable in the relevant Pricing Supplement, then, following the occurrence of a Capital Disqualification Event, the Issuer may, within 90 days of the occurrence of the relevant Capital Disqualification Event and on giving not less than 30 nor more than 60 days' notice (ending, in the case of Floating Rate Securities, on an Interest Payment Date) to the Trustee (with a copy to the Principal Paying and Conversion Agent) and to the Securityholders in accordance with Condition 14 (Notices) (which notice shall, subject to Conditions 2(b) (Subordination – conditions to payment) and 6(g) (Capital Adequacy Trigger Notice), be irrevocable), at its option, redeem all, but not some only, of the Securities at the Capital Disqualification Event Early Redemption Price, together with (to the extent not cancelled pursuant to these Conditions) interest accrued and unpaid, if any, to the date fixed for redemption.
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