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Bond Market News
HSBC Prices Two-Part Dollar AT1 Deal
March 18, 2026
HSBC raised $2.5bn via a two-tranche AT1 deal. It raised:
- $1.25bn via a PerpNC5.5 AT1 bond at a yield of 6.75%, 50bp inside initial guidance of 7.25% area. If not called by 24 September 2031, the coupon will reset to the US 5Y Treasury yield plus 291.4bp. Below is a table comparing the new HSBC 6.75% Perp with its European peers, sorted by Yield-to-Call.
- $1.25bn via a PerpNC10 AT1 bond at a yield of 7.00%, 50bp inside initial guidance of 7.50% area. If not called by 24 March 2036, the coupon will reset to the US 10Y Treasury yield plus 279.8bp. Below is a table comparing the new HSBC 7.0% Perp with its European peers, sorted by Yield-to-Call.
The subordinated notes are rated Baa3/BBB (Moody’s/Fitch). Proceeds will be used for general corporate purposes, and to maintain or further strengthen its capital base.
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