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HSBC’s largest shareholder Ping An Insurance Group, is exploring options to reduce its 7.98% stake ($13.3bn) in the banking major. Earlier this month, Ping An sold $50mn of HSBC shares, decreasing its stake from 8.01% to 7.98%. Both Ping An and HSBC have been involved in a tussle over the past year, with the insurer campaigning against the lender to implement several reforms. This includes spinning off HSBC’s Asia business, finding ways to cut operating costs and asset disposals to enhance capital returns. However, HSBC has sought to pivot towards its Asia business, reduced operational headcount to cut costs and recently even offered a share buyback of up to $3bn on top of the $2bn buyback in 2023. As per a source, a sovereign wealth fund or ultra-rich investor in the Middle East is considering taking a sizable stake in HSBC.
HSBC’s dollar bonds were trading stable with its 4.6% Perp trading at 84.72, yielding 7.6% to call.
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