Shearman & Sterling represented the underwriters (led by Wells Fargo Securities, LLC, HSBC Securities (USA) Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated and UBS Securities LLC) in connection with HSBC Holdings plc’s issue of $3.8 billion of 8.00% Perpetual Subordinated Capital Securities, Series 2 in the US retail market. The transaction was the largest perpetual subordinated capital securities offering by a European issuer.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC Group serves customers worldwide from approximately 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC is one of the world’s largest banking and financial services organizations.

The Shearman & Sterling team of lawyers in the firm's London and New York offices included capital markets partner Richard Price and associates Trevor Ingram, Rob Beard and Rebecca Hilton. Tax advice was provided by partner Iain Scoon, counsel Simon Letherman and associate Shiu-Kay Hung.