HSBC set to pass Lloyds as Europe's biggest issuer of CoCo bonds
New issues this year will bring its total close to US$10b
London
HSBC Holdings will surpass Lloyds Banking Group this year as Europe's biggest issuer of the riskiest bank bonds, say some of region's biggest debt investors.
HSBC will sell about US$4 billion of additional Tier 1 notes, a type of contingent capital bond designed to absorb losses, to bring its total of such securities to almost US$10 billion, said Laurent Frings at Aberdeen Asset Management and Steve Hussey at AllianceBernstein Holding.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Robinhood Crypto gets Wells notice from US SEC
Central banks need digital currencies to stay relevant
China’s CICC demotes senior bankers, cuts pay to slash costs
Citi promotes Damien Tan to corporate banking head for Singapore
Australian dollar firm as bulls bet on hawkish turn at RBA
ECB rate cut case getting stronger, says chief economist Lane