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HSBC to issue $1.5 billion of contingent convertible bonds
HSBC, Europe’s largest bank, said on Friday it plans to issue $1.5 billion of perpetual subordinated contingent convertible securities to strengthen its capital base and for general corporate purposes. The securities carry a 7.625% coupon and will be issued on November 13, the company said. The securities would convert automatically into shares if the bank’s common equity Tier 1 ratio, a key measure of a bank’s financial strength, falls below 7.0%. The bank expects to list the securities on Euronext Dublin’s Global Exchange Market within 30 days of issuance. It said the issue falls under a sha...
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