Shearman & Sterling represented the underwriters (led by HSBC Securities (USA) Inc.) in connection with HSBC Holdings plc’s offering of US$2 billion aggregate principal amount of 4.250% subordinated notes due 2024 and US$1.5 billion aggregate principal amount of 5.250% subordinated notes due 2044. The subordinated notes qualify as Tier 2 capital under Basel III and are subject to the exercise of "bail-in" powers by UK regulatory authorities.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC Group serves customers worldwide from approximately 6,300 offices in 75 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 organisations, serving some 54 million customers.