HSBC Sets Pricing for $6.75 Billion Debt Tender Offer

The company established the final consideration for each series based on data calculated at 1:00 p.m. New York City time on August 12, 2026. Among the notes targeted, the September 2028 series carries a consideration of $975.63 per $1,000 principal, while the November 2028 notes are priced at $1,032.08. The May 2028 and March 2028 series are set at $1,009.75 and $999.31, respectively. Acceptance of these tenders follows a strict priority hierarchy, with the September 2028 notes holding the highest rank.

To manage the buyback, HSBC increased the sub-cap for the May 2028 notes to $1 billion. The offers are scheduled to expire at 5:00 p.m. today, with settlement expected by August 17, 2026. The bank intends to fund these repurchases using proceeds from its recent $6.75 billion issuance of new senior unsecured notes, which were priced on August 5. All notes acquired through this process will be cancelled and retired upon completion of the settlement.