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HSBC Singapore seeks to replace underlying rate for S$300 million floaters
By Wendy Van Sickle
Columbus, Ohio, Aug. 3 – Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch is soliciting consents from holders of its S$300 million floating-rate notes due 2025 (ISIN: XS0538082982) issued in 2010, according to a notice.
The issuer is seeking approval to some amendments to replace the existing Singapore Dollar Swap Offer Rate interest basis with a compounded daily Singapore Overnight Rate Average interest basis.
The solicitation is being made by way of a resolution in writing.
The consent request letter has been delivered to Euroclear and Clearstream, Luxembourg for communication by them to their entitled accountholders.
The issuer is a wholly owned subsidiary of HSBC, the largest bank in Hong Kong, and operates branches and offices throughout the Indo-Pacific region and in other countries around the world.
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