HSBC 6.375% PERT (Next call 3/30/2025)

ISIN	US404280AT69
Issuer	HSBC Holdings PLC
Guarantor	-
Announcement Date	23-Mar-2015
Issue Date	30-Mar-2015
Maturity Date	Perpetual
Years to Maturity (Approximate)	Perpetual
Currency	USD
Annual Coupon Frequency	Semi Annually
Coupon Type	Variable
Annual Coupon Rate (% p.a.)	6.375
Reference Rate	Reset Rate = Mid Swap + 4.368% Reset Dates = 30Mar2025 & every 5yr thereafter

Bond Credit Rating (Moody's / S&P / Fitch)	Baa3/ N.R/ BBB
Issuer Credit Rating (Moody's / S&P / Fitch)	A1/ A/ AA-
Seniority	Junior Subordinated
Modified Duration	6.562
Issue Size	USD 2,450,000,000

COMPARISON

Bond	HSBC 6.375% Perp	HSBC 6.375% Perp
Next Call Date	3/30/2025	9/17/2024
Reset Terms	UST+446bps	UST+370.5bps
Ratings (Moody's/S&P/Fitch)	Baa3/BBB	Baa3/BBB
Reference Entity	HSBC Holdings PLC	HSBC Holdings PLC
Trigger Level	CET1 < 7%	CET1 < 7%
Write down/Conversion	Equity Conversion	Equity Conversion
WD (Partial/Full)	N/A	N/A
WD (Perm/Temp)	N/A	N/A
Conversion Price	US$ 4.355775	US$ 4.355775
CET1 4Q 2015	11.90%	11.90%
Indic offer	96.6	94.5
YTC	6.89	7.26

溫馨提示：CoCo bond是風險甚高的投資。雖然發行人都是大到不能倒的金融機構，但債券本身性質是轉移金融機構面對嚴峻危機衝擊時的風險。所以價格可以非常波動，甚至損失大部份或全部本金。雖然機率低，卻不表示沒有機會。所以要非常了解CoCo bond的機制和自己的承受能力才可以踫，不適宜重倉或高槓干操作。