London - June 2008 -- Shearman & Sterling has represented the underwriters, led by HSBC Securities (USA) Inc., in connection with HSBC Holdings plc's issue of $1.5 billion of 6.8% subordinated notes due 2038.

Commenting on the transaction, Richard Price, head of the London Capital Markets group, said: “This transaction illustrates our ability to help clients access capital markets swiftly to take advantage of market opportunities when they arise.”

The Shearman & Sterling team included London Capital Markets partner Richard Price, London Capital Markets associates Trevor Ingram and James Benson, London Tax partner Iain Scoon, London Tax associates Thomas Day and Carine Stoffels, London Tax trainee James Leslie, and London FIA associate Thomas Donegan.