REG - HSBC Holdings PLC - Issuance of contingent convertible securities

HSBC closed a $1.5B offering of 7.625% perpetual contingent convertible securities, enabling a tender offer for up to $1.5B of its 6.000% securities at 100.50% of principal. The new securities have a higher coupon, increasing HSBC's cost of capital.

HSBC amended its tender offer, reporting a $1.5B closing of 7.625% perpetual CoCo notes on Nov 13, 2026, satisfying the new issue condition for its offer to buy back up to $1.5B of 6.000% CoCo notes. The new securities have a higher coupon rate.

HSBC Holdings PLC announced the satisfaction of the new issue condition for its tender offer, closing a $1.5B offering of 7.625% perpetual subordinated contingent convertible securities. The offer, which aims to manage the company's Tier 1 capital base, involves purchasing up to $1.5B of outstanding 6.000% securities. The offer expires on 19 November 2026, with a settlement date expected on 24 November 2026, unless extended or terminated.

HSBC plans to merge its retail and business banking operations in Singapore into a single entity. Co-Chief Executive Surendra Rosha confirmed the move to Reuters. The bank's Hong Kong subsidiary will retain ownership of Asia-Pacific operations, which contributed significantly to its 2026 profits.

HSBC is arranging two synthetic risk transfers (SRTs) covering $7B in corporate loans across the US and Asia. SRTs allow banks to transfer loan loss risk to investors, freeing up regulatory capital. HSBC has been refocusing on core Asian markets, including a $14B acquisition of Hang Seng Bank. SRT issuance is at a record pace, with $45B expected this year. BBVA and BNP Paribas are also preparing SRT deals.

HSBC is reportedly working on risk transfer deals for approximately $7B in U.S. and Asian corporate loans, with $3B in the U.S. and $4B in Asia-Pacific, according to sources.