16th Sep 2014 06:42
LONDON (Alliance News) - HSBC Holdings PLC Tuesday said it intends to issue EUR1.5 billion in perpetual subordinated contingent convertible securities on September 17.
The terms and conditions of the deal will be in line with those issued under the bank's USD50 billion programme for the issue of the securities, known as CoCos.
HSBC's CoCo issuance programme started last week when the bank came to market with two additional Tier One bonds worth a collective EUR4.4 billion, with one denominated in euros and one in dollars.
That deal came amid a revival for the CoCo market, with Italy's UniCredit Group and Spain's Banco Santander SA having already launched similar deals and France's Credit Agricole and Sweden's Nordea Bank AB reportedly planning to come to market imminently.
By Sam Unsted; [email protected]; @SamUAtAlliance
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