Funds raised from HSBC’s latest convertible security issuance beat its original target.
HSBC raised $2 billion from the issuance of a perpetual additional Tier 1 bond, according to an exchange filing. The bank intends to use the funds raised for refinancing some debt, general corporate purposes and strengthening its capital base.
The $2 billion raised beat HSBC's initial target of $1.5 billion, according to a «Reuters» report citing unnamed sources. The initial price guidance for the coupon was 8.5 percent but was ultimately set at 8 percent.
