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HSBC prices tender offer for six series of sterling, dollar notes
By Marisa Wong
Los Angeles, Nov. 14 HSBC Bank plc announced pricing terms of its Nov. 7 invitation to holders of six series of notes to tender any and all their notes for purchase for cash, according to a press release.
HSBC is offering to purchase the following series, listed with the purchase price per £1,000 or $1,000 principal amount, as applicable:
£300 million 6.5% subordinated notes due July 7, 2023 (ISIN: XS0088317853) at £1,014.72, with pricing based on the 0.75% U.K. Treasury due July 2023 and a fixed spread of 95 basis points;
$300 million 7.65% subordinated notes due May 1, 2025 (ISIN: US597433AC57) at $1,032.01, with pricing based on the 4.25% U.S. Treasury due October 2025 and a fixed spread of 195 bps;
£350 million 5.375% subordinated notes due Nov. 4, 2030 (ISIN: XS0204377310) at £996.54, with pricing based on the 2% U.K. Treasury due September 2025 and a fixed spread of 235 bps;
£500 million 5.375% subordinated notes due Aug. 22, 2033 (ISIN: XS0174470764) at £959.73, with pricing based on the 0.875% U.K. Treasury due July 2033 and a fixed spread of 235 bps;
£225 million 6.25% subordinated notes due Jan. 30, 2041 (ISIN: XS0120514335) at £1,051.41, with pricing based on the 1.25% U.K. Treasury October 2041 and a fixed spread of 210 bps; and
£600 million 4.75% subordinated notes due March 24, 2046 (ISIN: XS0247840969) at £880.15, with pricing based on the 0.875% U.K. Treasury due January 2046 and a fixed spread of 205 bps.
The company will also pay accrued interest.
Pricing was determined at 10 a.m. ET on Nov. 14.
The offer expires at 5 p.m. ET on Nov. 14.
The issuer said it intends to announce on Nov. 15 any acceptance of tenders.
Tenders under guaranteed delivery procedures are due by 5 p.m. ET on the second business day after the expiration deadline.
Settlement is slated for Nov. 17.
Concurrently with the tender offers, HSBC Holdings plc plans to issue sterling- and euro-denominated subordinated debt securities in one or more series. Holders participating in the tender offer for the sterling-denominated notes may be given priority in allocation of new sterling-denominated notes.
The main purpose of the offers is to manage the issuers subordinated liabilities.
HSBC Bank plc (+44 20 7992 6237, 212 525-5552, 888 HSBC-4LM; attn.: liability management; liability.management@hsbcib.com) is the dealer manager.
Global Bondholder Services Corp. (212 430-3774, 855 654-2014; attn.: corporate actions; contact@gbsc-usa.com; https://www.gbsc-usa.com/hsbctender/) is the tender agent.
The financial services company is based in London.
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