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UPDATE 1-HSBC says sold $1.5 bln in subordinated notes

Tue May 27, 2008 9:56pm EDT

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(Updates with details)

HONG KONG, May 28 (Reuters) - HSBC (HSBA.L), Europe's biggest lender, said on Wednesday it had sold $1.5 billion in subordinated notes, formally announcing a deal that had priced last week but had settled on Tuesday.

HSBC (0005.HK) had on May 19 sold the 30-year subordinated global notes at a coupon of 6.8 percent and a spread of 225 basis points over equivalent U.S. Treasuries, market sources had told Reuters then. [ID:nN19565199]

The sale had been handled by the lender's HSBC Securities unit.

In its statement to the Hong Kong bourse operator on Wednesday, HSBC announced the sale and added it had applied to list the new notes on the New York Stock Exchange. (Reporting by Rafael Nam; Editing by Anne Marie Roantree)



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