HSBC Re-Opens Market for Perpetual Bonds With $3.4 Billion Sale
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HSBC Holdings Plc, Europe’s largest bank, sold $3.4 billion of undated bonds in the biggest issue of its kind for almost two years, re-opening a market that’s been shut since December.
HSBC’s bonds, which have no maturity date and are callable after 5 1/2 years, will pay a coupon of 8 percent, according to a person with knowledge of the transaction, who declined to be identified because the details are private. That’s at the lower end of the marketing range of 8 percent to 8.125 percent.