HSBC to issue S$800m perpetual subordinated contingent convertible securities

HSBC (0005) announced its plan to issue S$800 million (HK$4.66 billion) worth of 5 percent resettable perpetual subordinated contingent convertible securities on Monday next week. 
  
The net proceeds, amounting to around S$792 million, will be used for general corporate purposes and to maintain or strengthen its capital base in accordance with UK capital requirements regulations.

The initial conversion price is fixed at S$4.6675 per ordinary share.

STAFF REPORTER