HG bonds: HSBC Holdings places $6B offering in 4 parts; terms

HSBC Holdings PLC today completed a $6 billion, four-part offering across notes due 2024, 2027 and 2032.

HSBC Holdings last tapped the market in August, when it placed a $3.5 billion, two-part offering of fixed- to floating-rate notes across 0.732% notes due August 2024 at T+50; and 2.206% notes due August 2029 at T+108.

In May, it printed a $5 billion offering of fixed-to-floating senior notes in two parts, across 0.976% four-year (non-call three) notes at T+65 and 2.804% 11-year (non-call 10) notes at T+117.

The bank has been active on the U.S. bond marketplace through the pandemic. In November 2020, it completed a $2 billion offering of 1.589% long six-year (non-call five) fixed-to-floating senior notes at T+120. In September 2020, it placed a $2 billion offering of 2.013% eight-year (non-call seven) fixed-to-floating notes at T+155. In August, it priced $3.5 billion in two parts across 1.645% short six-year (non-call five) notes at T+137 and $1.5 billion of 2.357% 11-year (non-call 10) notes at T+172. In May 2020, it placed $2 billion of 2.099% six-year (non-call five) fixed-to-floating notes at T+175 and $1.5 billion of 2.848% 11-year (non-call 10) fixed-to-floating notes at T+215.

The A-/A3/A+ ratings profile for the new offering reflects stable outlooks at S&P Global Ratings and Moody's and a negative outlook at Fitch. S&P Global Ratings downgraded the company by one notch in May 2020.

Terms: