HSBC Holdings PLC - London-based, China-focused bank - Announces intention to issue, on Monday, 5.000% resettable perpetual subordinated contingent convertible securities worth S$800.0 million or £463.7 million. Says application will be made for them to be admitted to London’s Official List and to Euronext Dublin’s Global Exchange Market on or around the issue date, with denominations of S$250,000. DBS Bank Ltd, United Overseas Bank Ltd, and Oversea-Chinese Banking Corp Ltd will be joint lead managers along with co-managers CIMB Bank Berhad, Singapore Branch and Malayan Banking Berhad. ‘Managers’ also includes sole global coordinator and joint bookrunner the Hongkong & Shanghai Banking Corp Ltd, Singapore Branch.
HSBC also announces that it and the managers have entered a subscription agreement dated Thursday. Says the managers have agreed jointly and severally to subscribe for the securities in immediately available funds. Also, it ‘intends to offer and sell the securities to no less than six independent placees’. These will be independent individual, corporate and/or institutional investors.
Current stock price: 881.60 pence, up 0.6% in London on Friday
12-month change: up 42%
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