LONDON, Sept 2 (IFR) - HSBC is preparing to sell its debut contingent convertible bond following a global investor roadshow, according to the bank.
Europe’s largest bank by assets has hired its own investment banking unit as sole bookrunner and coordinator to market the SEC-registered Additional Tier 1 securities.
The bonds will feature a 7% common equity tier 1 trigger with equity conversion.
Meetings will commence on Thursday and conclude next Tuesday, with the bond issue expected to follow thereafter.
The bonds are expected to be rated Baa3 by Moody’s and BBB by Fitch. HSBC’s senior ratings are Aa3/A+/AA-. (Reporting by Aimee Donnellan; editing by Sudip Roy)