HSBC plans perpetual subordinated contingent convertible debt issuance
HSBC•HSBC plans to launch a series of perpetual subordinated contingent convertible securities on November 5, 2026, alongside a cash tender offer for up to $1 billion of outstanding securities. The tender expires November 19, with settlement expected November 24, and is conditional on the new issuance closing.
1. Issuance and tender offer
HSBC plans to launch one series of perpetual subordinated contingent convertible securities on November 5, 2026, alongside a cash tender offer for up to $1 billion of outstanding securities to manage Tier 1 capital. The offer targets 6% perpetual subordinated contingent convertible securities at 100.5% of principal, or $1,005 for each $1,000 accepted. The tender expires November 19 at 5 p.m. New York time, with settlement expected November 24; completion depends on the new issuance closing successfully by the offer’s expiration.
