HSBC Plans Retail and Business Banking Merger in Singapore

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 Holdings plc issued $1.5 billion in perpetual subordinated contingent convertible securities on November 13, 2026. The securities, with a 7.625% interest rate, were offered under a shelf registration statement filed with the SEC. Application for listing on Euronext Dublin has been made. The securities are not intended for retail investors in the UK or EEA.

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.