- HSBC Holdings is offering cash in exchange for its €2 billion in 1.50% notes due March 2022, €1.5 billion floating rate notes due September 2022, and €1.5 billion in floating rate notes due October 2023.

It will prioritise the notes due March 2022 which have a negative 0.45% purchase yield, and will have a buying price of 102.600% assuming a tender offer settlement date of November 16.

Second priority are the notes due September 2022 and October 2023 and have a purchasing price of 100.58% and 100.61% respectively.

HSBC said in a statement: "The offers are being made as part of the issuer's ongoing management of its liabilities, in this particular instance as the notes shall soon cease to qualify as eligible liabilities items under the CRD regulation once they have a residual maturity of less than 12 months. The issuer intends to continue issuing senior unsecured and subordinated liabilities in all major currency markets."

At 1:28pm: [LON:HSBA] HSBC Holdings PLC share price was +4.08p at 340.23p

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