HSBC Holdings launched a three-part dollar-denominated senior debt issuance on 5 August, part of a wider liability-management exercise aimed at repurchasing up to $5 billion of the group's outstanding bonds maturing in 2028. The tender offers, for four series of fixed rate/floating rate senior unsecured notes due 2028, were announced in a regulatory filing.
The new deal includes two fixed-to-floating rate senior notes and one floating rate note. The precise tenors and coupons were to be finalised through the marketing process.
REFINANCING 2028 MATURITIES
HSBC said the tender offers are intended to proactively manage its outstanding debt portfolio, and made completing them conditional on the successful pricing of the new issuance.
OFFER TERMS
The exact size and pricing of each tranche will be finalised through the marketing process, with HSBC Securities (USA) Inc. acting as sole book-running manager. The four series of 2028 notes targeted by the tender offers have a combined $8.6 billion outstanding.
HSBC has separately tapped non-dollar markets in recent months, including a three-part Australian dollar bond deal in May.
The tender offers are governed by an Offer to Purchase dated 5 August and available through the information agent, Global Bondholder Services Corporation, which sets out the terms of the offers for the four series of eligible notes.
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