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(Alliance News) - HSBC Holdings PLC said Monday it expects EUR1.00 billion acceptance from its 2022 and 2023 notes tender offer.
The Asia-focused lender has offered bondholders cash for its EUR2.00 billion 1.50% notes due March 2022, its EUR1.50 billion floating rate notes due September 2022, and its EUR1.50 billion floating rate notes due October 2023.
HSBC noted it currently expects acceptances at EUR1.00 billion.
The notes due March 2022 are first priority, have a negative 0.45% purchase yield, and will have a purchase price of 102.600% assuming a tender offer settlement date of November 16. The notes due September 2022 and October 2023 are second priority and have a purchase price of 100.58% and 100.61%, respectively.
On Friday, HSBC explained that: "The offers are being made as part of the issuer's ongoing management of its liabilities, in this particular instance as the notes shall soon cease to qualify as eligible liabilities items under the CRD regulation once they have a residual maturity of less than 12 months. The issuer intends to continue issuing senior unsecured and subordinated liabilities in all major currency markets."
By Paul McGowan; paulmcgowan@alliancenews.com
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