Shearman And Sterling

News March 08, 2016

Shearman & Sterling Advises Underwriters on HSBC’s $7 Billion Senior Notes Offering

Shearman & Sterling advised the underwriters (led by HSBC Securities (USA) Inc.) in connection with HSBC Holdings plc’s offering of US$7 billion of its fixed and floating rate senior unsecured notes.

This is believed to be the largest ever "Yankee" senior debt offering by a bank parent holding company, HSBC’s largest ever dollar issuance, and the largest debt offering by a bank in the last two years.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC Group operates through long-established businesses and has an international network of over 4,700 branches in 71 countries and territories in Europe, Asia, the Middle East and North Africa, North America and Latin America. 

The Shearman & Sterling team of lawyers in the firm's London and Washington, DC offices included Capital Markets partner Richard Price and associates Jonathan Handyside and Ana Stefanovic Grbec.  Partner Thomas Donegan and associate Ben McMurdo advised on UK financial institutions regulatory aspects of the offering, and partners Simon Letherman and Kristen Garry and associates Lois Howarth and Michael Daly advised on UK and US tax aspects of the offering.  Partner Jaculin Aaron and associate Johnston Chen also assisted on this matter.