Bond Factsheet
HSBC 5.000% Perpetual Corp (SGD)
HSBC Holdings PLC
Indicative
Full Lot
Bid Price 100.950
Change in Bid Price
-
Bid Yield (%) 4.699 %
Change in Bid Yield
-
Ask Price 101.900
Change in Ask Price 0.200
Ask Yield (%) 4.402 %
Change in Ask Yield 0.063
Indicative price as of 05 Oct 2026, 9:05am
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
HSBC Holdings PLC
Guarantor
-
Announcement Date
18 Mar 2025
Issue Date
24 Mar 2025
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 3.467
Modified Duration
3.153 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.000
Coupon Type
Variable
Annual Coupon Rate
5.000
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 24 September 2030 and every 5 years thereafter
Reset Rate: prevailing 5-year SORA-OIS Rate + Margin (2.705%)
ISIN
XS3023923314
CUSIP
YQ5139734
Bond Currency
SGD
Total Issue Size
800,000,000
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[TBD] per Conversion Share (equivalent to GBP 2.70 based on an exchange rate of GBP 1.00 = SGD [TBD]), 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.
The Issuer shall be responsible for determining compliance with this Condition 5(b) and neither the Trustee, nor any Paying Agent, Transfer Agent or Calculation Agent shall be required to monitor such compliance or to perform any calculations in connection therewith.
Issuer Call
At Issuer’s sole discretion, in whole (but not in part), on any business day during the 6-month period ending on the First Reset Date, the Second Reset Date and each Subsequent Reset Date, subject to obtaining the Relevant Supervisory Consent.
The optional redemption price will be at par plus (to the extent not cancelled pursuant to the Conditions) any accrued and unpaid interest to (but excluding) the date of redemption.
First Call Period: From (and including) 24 March 2030 to (and including) 24 September 2030
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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