HSBC Holdings Prices $2.5bn 6.262% Fixed/Floating Rate Senior Unsecured Notes due 2037
HSBC Holdings plc has priced $2.5 billion of Fixed Rate/Floating Rate Senior Unsecured Notes due 2037 with a 6.262% coupon during the fixed rate period and SOFR + 1.660% during the floating rate period. Net proceeds to the issuer are $2.49 billion after deducting gross fees of 0.400%, with settlement expected on November 3, 2026. The notes are callable at make-whole pricing from May 2027 and at par on November 3, 2036.
Key takeaways
Pricing: $2.5 billion notes priced at 100.000% of par with 6.262% fixed coupon (UST + 130 bps) during fixed rate period through November 3, 2036.
Floating rate period: SOFR + 1.660% margin from November 3, 2036 to maturity on November 3, 2037.
Interest payments: Semi-annual during fixed rate period; quarterly during floating rate period.
Optional redemption: Make-whole from May 3, 2027 to November 3, 2036; par redemption on November 3, 2036.
Net proceeds: $2,490,000,000 after 0.400% gross fees; proceeds intended for general corporate purposes.
Ratings: A3 (positive outlook, Moody's) / A- (positive, S&P) / A+ (stable, Fitch).
Recent development: HSBC announced redemption of $2.25bn 7.390% notes due 2028 ($1.28bn outstanding) on November 9, 2026.
Key metrics
Primary source
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