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LONDON - HSBC Bank plc announced Monday it will redeem its £350 million 5.375 percent Callable Subordinated Step-up Notes ahead of their 2030 maturity date. The redemption will take place on November 4, 2025, according to a statement released by the bank.
The bank will exercise its call option to redeem all outstanding notes at 100 percent of their principal amount, plus accrued but unpaid interest from November 4, 2024, to the redemption date.
The notes, which were issued in November 2004 with the ISIN code XS0204377310, will be delisted from the Official List of the Financial Conduct Authority and removed from trading on the London Stock Exchange’s Main Market on or shortly after November 5, 2025.
HSBC’s decision to redeem these subordinated notes comes at the first available call date specified in the original terms and conditions of the securities. Noteholders will receive payment through their respective clearing systems.
The bank made the announcement in accordance with Condition 6(c) of the notes’ terms and conditions, which allows for early redemption at the issuer’s option, and paragraph 22 of the pricing supplement dated November 3, 2004.
This information was disclosed through a formal notice to noteholders based on a company press release statement.
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