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HSBC Holdings PLC

HSBC Holdings PLC (HSBC)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
HSBC
HSBC Holdings PLC€3,750
3EMEA
Sep 15, 2026
currency
EUR
size (m)
1,000.000
maturity
Sep 22, 2030
type
Floating
tenor
4.000
call
3.00
registration
Reg S Only
benchmark
3mEu
ranking
Sr. Unsecured
moody's
A3
s&p
A-
fitch
A+
size description
Expected
re-open/tap
No
ipt
3mEu+100 area
ipt-pxd
-25
guidance
-
spread
75
coupon
3mEu+75
spread set
-
price
100.00000
yield
-
book size (m)
2,000
peak book (m)
2,000
x-covered
2
book attrition
0.00%
nic
10
billing & delivering
HSB
active leads
HSB
joint leads
BLB,CAG,INS,KBC,...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,000
peak book (m)
2,000
x-covered
2
book attrition
0.00%
nic
10
billing & delivering
HSB
active leads
HSB
joint leads
BLB,CAG,INS,KBC,...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
1,250.000
maturity
Sep 22, 2032
type
Fixed to Floating
tenor
6.000
call
5.00
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A-
fitch
A+
size description
Expected
re-open/tap
No
ipt
MS+110-115
ipt-pxd
-22.5
guidance
-
spread
90
coupon
4.431%
spread set
-
price
100.00000
yield
4.431%
book size (m)
4,100
peak book (m)
4,100
x-covered
3.28
book attrition
0.00%
nic
10
billing & delivering
HSB
active leads
HSB
joint leads
BLB,CAG,INS,KBC,...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
4,100
peak book (m)
4,100
x-covered
3.28
book attrition
0.00%
nic
10
billing & delivering
HSB
active leads
HSB
joint leads
BLB,CAG,INS,KBC,...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
1,500.000
maturity
Sep 22, 2037
type
Fixed to Floating
tenor
11.000
call
10.00
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A-
fitch
A+
size description
Maximum
re-open/tap
No
ipt
MS+140-145
ipt-pxd
-22.5
guidance
-
spread
120
coupon
4.777%
spread set
-
price
100.00000
yield
4.777%
book size (m)
4,400
peak book (m)
4,400
x-covered
2.93
book attrition
0.00%
nic
10
billing & delivering
HSB
active leads
HSB
joint leads
BLB,CAG,INS,KBC,...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
4,400
peak book (m)
4,400
x-covered
2.93
book attrition
0.00%
nic
10
billing & delivering
HSB
active leads
HSB
joint leads
BLB,CAG,INS,KBC,...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2000; First Pay: 2026-12-22; Redemption: 2029-09-22; Registration: Reg S Only; Comments: Tax Call: Yes. Regulatory Call: Yes. LEI: MLU0ZO3ML4LN2LL2TL39; Book size: 4100; First Pay: 2027-09-22; Redemption: 2031-09-22; Registration: Reg S Only; Comments: OBL 2.9 10/08/31 @ (97.810) +105.7bp, HR 97%. MWC: B+20. Tax Call: Yes. Regulatory Call: Yes. LEI: MLU0ZO3ML4LN2LL2TL39; Book size: 4400; First Pay: 2027-09-22; Redemption: 2036-09-22; Registration: Reg S Only; Comments: DBR 3 08/15/36 @ (95.440) +122.5bp, HR 97%. MWC: B+20. Tax Call: Yes. Regulatory Call: Yes. LEI: MLU0ZO3ML4LN2LL2TL39;
Deal Comments
Combined books >€6bn (skew fxd legs)
Use of Proceeds
The Issuer intends to use the net proceeds from the sale of the Notes for general corporate purposes
Relative Value

Senior Unsecured

NC3yr (Sep 2029) @ 3mth €+100a

Implied Spread for fresh NC3yr @ 3mth€+65
Priced at 3mth€+75
NIC of +10


Senior Unsecured

NC5yr (Sep 2031) @ MS+110/115

Implied Spread for fresh NC5yr @ MS+80
Priced at MS+90
NIC of +10


Senior Unsecured

NC10yr (Sep 2036) @ MS+140/145

Implied Spread for fresh NC10yr @ MS+110
Priced at MS+120
NIC of +10


COMPS

Tkr/Cpn/Mty date

Call date

Size

Moody

S&P

Fitch

DM+Bid

HSBC Float 11/12/29

12/11/2028

1,000

A3

A-

A+

53

Tkr/Cpn/Mty date

Call date

Size

Moody

S&P

Fitch

i+Bid

HSBC 3.445 09/25/30

25/09/2029

1,500

A3

A-

A+

54

HSBC 3.553 05/12/31

12/05/2030

1,250

A3

A-

A+

66

HSBC 3.608 12/01/33

01/12/2032

1,250

A3

A-

A+

90

HSBC 4.086 05/12/36

12/05/2035

1,250

A3

A-

A+

101

Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)Sep 15, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED: HSBC Holdings plc €3.75bn 4NC3 Floating & 6NC5 & 11NC10 Fixed to Floating Sr Unsec; 3mE+75bp & MS+90bp & MS+120bpSep 15, 2026
ALLOCATIONS OUT: HSBC Holdings plc €3.75bn 4NC3, 6NC5 & 11NC10 Sr Unsec; DM+75bp, MS+90bp & MS+120bpSep 15, 2026
LAUNCHED: HSBC Holdings plc €3.75bn 4NC3, 6NC5 & 11NC10 Sr Unsec; DM+75bp, MS+90bp & MS+120bpSep 15, 2026
UPDATE: HSBC Holdings plc € bmk 4NC3 FRN, 6NC5 FXD/FRN & 11NC10 FXD/FRN Sr Unsec; Spread set at DM+75bp, MS+90bp & MS+120bpSep 15, 2026
UPDATE (BOOKS): HSBC Holdings plc € bmk 4NC3 FRN, 6NC5 FXD/FRN & 11NC10 FXD/FRN Sr Unsec; 3mE+100a & MS+110/115a & MS+140/145aSep 15, 2026
NEW ISSUE: HSBC Holdings plc € bmk 4NC3 FRN, 6NC5 FXD/FRN & 11NC10 FXD/FRN Sr Unsec; 3mE+100a & MS+110/115a & MS+140/145aSep 15, 2026
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About
Careers
Contact
Solutions
API Overview
API Documentation
Global Issuers List
Global Parents List
Pricing
OpenMarket Profiles
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
Evercall
More
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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