New Issue Commentary — HSBC Holdings PLC
Dealer commentary on this issuer’s latest new issue, summarised.
HSBC Holdings PLC launched one USD benchmark noncall 5.5 AT1 security on 20261105, with books subject at 11:45am NY and initial price guidance of 7.875% area after an earlier 8% area indication. The launch subject line cites $1.5bn at 7.625%, but the commentary does not disclose final order book size, oversubscription, or allocations. The same day, HSBC Holdings PLC announced a tender offer for up to USD1.0bn of its outstanding USD3.0bn 6.000% securities at 100.50%, to be financed with cash on hand and conditional on the new issuance closing; this buyback is not treated as a new issue. The new notes are expected to settle on November 13, 2026 (T+5), and the tender offer is expected to settle on November 24, 2026.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| Perp NC5.5 AT1 USD Benchmark (SEC Registered) | Perp NC5.5 | 7.625% | USD | USD 1.5bn | AT1 (junior to Senior Creditors; pari passu with the most senior class of preference shares; senior to all other classes of issued share capital) | Perpetual |