HSBC Holdings plc filed a Form 6-K on 13 November 2026 announcing the issuance of US$1,500,000,000 in perpetual subordinated contingent convertible securities, confirming that all conditions precedent under the securities terms agreement had been satisfied or waived.

Key Highlights

  • Issuance size: US$1,500,000,000 in perpetual subordinated contingent convertible securities were issued on 13 November 2026.
  • Coupon rate: The securities carry a fixed rate of 7.625% per annum.
  • ISIN: The securities are identified by ISIN US404280FV60.
  • Listing application: Application has been made to The Irish Stock Exchange plc trading as Euronext Dublin for admission to the Official List and trading on the Global Exchange Market.
  • Securities Terms Agreement date: The underlying agreement between the company and the underwriters was dated 5 November 2026.
  • Investor restriction: According to the filing, the securities are described as "complex financial instruments with a high degree of risk" and "not a suitable or appropriate investment for all investors, especially retail investors."
  • Company scale: HSBC Holdings plc reported total assets of US$3,445bn as of 30 September 2026 and serves customers from offices in 56 countries and territories.

HSBC Holdings Completes Perpetual Subordinated CoCo Issuance in November 2026

HSBC Holdings plc, the London-headquartered parent of one of the world's largest banking and financial services organisations, disclosed through a Form 6-K filing that it had completed the issuance of US$1,500,000,000 in 7.625% Perpetual Subordinated Contingent Convertible Securities on 13 November 2026. The filing states that all conditions precedent under the Securities Terms Agreement, dated 5 November 2026, were satisfied or, where permitted, waived prior to issuance.

Contingent convertible securities, commonly referred to as CoCos, are a category of hybrid capital instrument used by banks to meet regulatory capital requirements. The securities issued by HSBC are described in the filing as callable during any optional redemption period, adding a layer of structural optionality for the issuer. The offering was made pursuant to an effective shelf registration statement on Form F-3 previously filed with the Securities and Exchange Commission, and a prospectus supplement and accompanying prospectus were filed alongside it.

The filing notes that application has been made to The Irish Stock Exchange plc, trading as Euronext Dublin, for the securities to be admitted to the Official List and to trading on the Global Exchange Market of Euronext Dublin. Regarding investor eligibility, the filing specifies that the securities are not intended to be offered or sold to retail investors in either the European Economic Area or the United Kingdom, citing applicable regulatory frameworks including the PRIIPs Regulation and the UK FCA Conduct of Business Sourcebook. The filing was signed on behalf of HSBC Holdings plc by Angela McEntee, Group Company Secretary.

What Was Disclosed

HSBC Holdings plc reported via Form 6-K, filed 13 November 2026 on NYSE:HSBC, that it had issued US$1,500,000,000 of 7.625% Perpetual Subordinated Contingent Convertible Securities (ISIN US404280FV60), with a listing application submitted to Euronext Dublin's Global Exchange Market.