HSBC taps markets with US$1.5bn subordinated notes; plans NYSE listing
Rhea-AI Filing Summary
HSBC Holdings plc announced the issuance of US$1,500,000,000 5.741% Fixed Rate/Floating Rate Subordinated Unsecured Notes due 2036 under an existing indenture, with a 10th supplemental indenture dated 10 September 2025. The offering was made pursuant to an effective Form F-3 shelf registration and by prospectus supplement; HSBC intends to apply to list the Notes on the New York Stock Exchange. The announcement notes the availability of the prospectus documents on EDGAR and provides investor and media contact details. The filing also states HSBC held US$3,214bn of assets at 30 June 2025.
Positive
- US$1,500,000,000 raised via long-dated notes, demonstrating access to capital markets
- Notes issued under an effective Form F-3 shelf with prospectus supplement filed, indicating regulatory compliance
- HSBC will apply to list the Notes on the New York Stock Exchange, increasing secondary market accessibility
Negative
- The notes are subordinated unsecured, which increases junior debt obligations and affects relative creditor hierarchy
- 5.741% coupon implies a fixed cost of funding for the fixed-rate period, adding interest expense obligations
Insights
TL;DR: HSBC raised long-dated subordinated funding of US$1.5bn at a 5.741% coupon, using an existing F-3 shelf.
The issuance of subordinated unsecured notes due 2036 increases HSBC's long-term wholesale funding and reinforces access to U.S. capital markets, evidenced by the planned NYSE listing and use of the Form F-3 shelf. As subordinated unsecured debt, these notes sit below senior creditors in the capital structure but above equity. The fixed-to-floating structure and 2036 maturity deliver predictable near-term funding costs while providing potential repricing later under the floating leg. The announcement is procedural and contains required offering disclosures rather than commentary on use of proceeds or capital ratios.
TL;DR: Material funding transaction that modestly affects capital structure; disclosure is standard and non-operational.
Raising US$1.5bn of subordinated notes is a material financing event in absolute terms and relevant to investors monitoring HSBC's liability profile. The filing confirms regulatory-compliant sale mechanics (F-3 shelf, prospectus supplement) and indicates market distribution limited by jurisdictional restrictions. The notice does not disclose pricing guidance beyond the coupon, allocation, or intended use of proceeds, so direct impacts on leverage or capital ratios cannot be quantified from this document alone.
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HSBC
Holdings plc
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By:
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Name:
Aileen Taylor
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Title:
Group Company Secretary and Chief Governance Officer
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Date:
10 September 2025
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FAQ
What debt did HSBC (HSBC) issue in this 6-K?
Will the HSBC notes be listed on an exchange?
Under what registration was the offering made?
Where can investors obtain the prospectus and offering documents?
What is HSBC's asset size mentioned in the filing?
