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HSBC raises $2 billion in additional Tier 1 bond By Reuters

by Index Investing News
March 1, 2023
in Stocks
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© Reuters. FILE PHOTO: A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu//File Photo

(Reuters) -HSBC Holdings said on Wednesday it raised $2 billion from a convertible security issue, beating its own target on strong demand for the perpetual additional Tier 1 bond.

In a filing to the Hong Kong Stock Exchange, HSBC said the perpetual bond’s coupon had been set at 8%.

Prospective investors had been told at the deal’s launch on Tuesday that initial price guidance for the coupon was 8.5%. The final rates fluctuate based on demand from investors.

Reuters reported on Tuesday HSBC had aimed to raise up to $1.5 billion in the transaction, but the final size was set higher than its initial target.

HSBC said in a sale memo that it intends to use the cash raised for refinancing some debt, general corporate purposes and strengthening its capital base.



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