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 organizations, serving some 54 million customers.

The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included Capital Markets partner Richard Price and associates Jonathan Handyside, Ana Stefanovic Grbec and Cecilia Ferreira. Counsel Azad Ali and associate James Campbell advised on UK Financial Institutions Regulatory aspects of the offering, and partners Iain Scoon and Kristen Garry, counsel Simon Letherman, and associates Jack Prytherch and Melissa Henkel advised on Tax aspects of the offering.