Shearman & Sterling represented the underwriters (led by HSBC Securities (USA) Inc.) in connection with HSBC Holdings plc’s inaugural contingent convertible securities offering, comprising an offering of US$1.5 billion aggregate principal amount of 5.625% perpetual subordinated contingent convertible securities (callable January 2020 and every five years thereafter) and US$2.25 billion aggregate principal amount of 6.375% perpetual subordinated contingent convertible securities (callable September 2024 and every five years thereafter). The securities qualify as additional Tier 1 capital instruments under bank regulatory capital rules.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC Group serves customers worldwide from approximately 6,200 offices in 74 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 organizations, serving some 52 million customers.