12th Sep 2014 15:09
LONDON (Alliance News) - HSBC Holdings PLC has issued its first ?coco? bonds, as banks Europe-wide seek to cash in on increased investor risk appetite to launch a volley of the high risk, high-reward securities, the Financial Times reports Friday.
HSBC launched two additional tier one contingent convertible, or coco, bonds collectively worth EUR4.4 billion ? one in euros and one in US dollars ? following similar bonds by Italy?s UniCredit and Spain?s Santander earlier this month, the newspaper said. France?s Crédit Agricole and Sweden?s Nordea are also reported to be preparing deals, it added.
Orders for HSBC?s bond totalled EUR6.5 billion, the FT said.
http://www.ft.com/cms/s/0/c2bad96e-38d5-11e4-a53b-00144feabdc0.html?ftcamp=crm/email/2014912/nbe/MarketsAfternoon/product&siteedition=uk#axzz3D783G0Ny
By Steve McGrath; [email protected]; @stevemcgrath1
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