HSBC prices $348.3 million Samurai bond sale, term sheet shows

According to Business Recorder, citing Reuters, HSBC Holdings priced a Samurai bond sale worth 54.3 billion yen, or $348.3 million. The offering was divided into three portions, each with its own maturity and coupon. Daiwa, Mitsubishi UFJ Morgan Stanley, Mizuho, Nomura and SMBC Nikko joined HSBC in arranging the deal.

The 2030 tranche comes to 21.6 billion yen and carries a 2.769% coupon, while the September 2032 notes raised 25.7 billion yen at 3.227%. The smallest portion, 7.0 billion yen, matures in September 2037 and pays a 3.879% coupon. Spreads were 75, 95 and 110 basis points over yen mid-swap rates for the 2030, 2032 and 2037 notes, respectively.

Moody's and S&P are expected to assign ratings of A3 and A- respectively. The story names no PSX-listed company, so its direct relevance to local investors is limited.