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News Aug 18, 2015

Shearman & Sterling Represents Underwriters in Connection with HSBC Holdings plc's US$1.5 Billion Tier 2 Notes Offering

Shearman & Sterling represented the underwriters (led by HSBC Securities (USA) Inc.) in connection with HSBC Holdings plc’s offering of US$1.5 billion of its 4.250 per cent subordinated notes due 2025. The subordinated notes qualify as Tier 2 capital under Basel III.

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 6,100 offices in 72 countries and territories in Europe, Asia, the Middle East and North Africa, North America and Latin America. HSBC is one of the world’s largest banking and financial services organisations, serving some 48 million customers.

The Shearman & Sterling team of lawyers in the firm's London and Washington. D.C. offices included Capital Markets partner Richard Price and associates Jonathan Handyside and Ana Stefanovic Grbec. Associate Aysuria Chang advised on UK financial institutions regulatory aspects of the offering, and partners Sarah Priestley and Kristen Garry, counsel Simon Letherman and associates Elizabeth Emerson and Michael Daly advised on UK and US tax aspects of the offering.