Shearman & Sterling represented the underwriters (led by HSBC Securities (USA) Inc.) in connection with HSBC Holdings plc’s contingent convertible securities offering, comprising an offering of US$2.45 billion aggregate principal amount of 6.375% perpetual subordinated contingent convertible securities (callable March 2025 and every five years thereafter). The securities qualify as additional Tier 1 capital instruments under bank regulatory capital rules. This marked the first contingent convertible securities offering by a European bank in the US dollar "Yankee" market so far in 2015.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC Group serves customers worldwide from approximately 6,100 offices in 73 countries and territories in Europe, Asia, the Middle East and North Africa, North America and Latin America.