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The issuance, without a maturity date, and for 35 million dollars is the first of its kind in the Chilean market.
HSBC Bank Chile has recently issued a perpetual bond in the national market, whose infrastructure was enabled by Depósito Central de Valores (DCV), the entity that provided support on the activities required to implement the registration and custody of the issuance of this new fixed income asset class.
Perpetual bonds do not have a maturity date; they last for the duration of the issuing corporation and pay a constant flow of interest during their validity.
This bond, issued by HSBC Bank Chile for USD 35,000,000, has a 10.25% annual rate, representing 540 base points over the Treasury Bond of the United States at 5 years. Interests are paid twice a year, starting April 30, 2024.
Rodrigo Roblero, General Manager of DCV, said that since this is the first issuance of its type in the national market, "we are very proud to be part of the process and contribute by developing the infrastructure required by our client, thus responding to the needs of the market and improving instrument issuance processes."
The executive added that the technology infrastructure and the capacities of DCV expedite the capital market processes. "The contribution of DCV reflects our ongoing commitment to continue providing added value services to the market."
Monica Duwe, General Manager of HSBC Bank Chile, said that this is the first local issuance of its kind in the local market, "it reflects the response of the Bank to the regulatory changes and the commitment that the HSBC Group has with Chile and its capital market to continue with the best practices of Basel III and the amendments to the General Law on Banks. This issuance will strengthen our capital base to better face the risks and opportunities of the banking activities in the country."
About DCV
Depósito Central de Valores S.A. (DCV) is a Corporation established according to Law 18876; its regulations and instructions are ruled by the Financial Market Commission (CMF). DCV is authorized to receive public offer securities deposits to transfer between depositors as per this Law. DCV is an entity that, in pursuit of its objective, electronically processes and registers transfers made in the stock exchange and the OTC market. In addition, it coordinates and provides the information needed for financial settlement.
About HSBC Holdings plc
HSBC Holdings plc, the headquarters of the HSBC Group, is located in London. The Group provides services to clients in 62 countries and territories. With total assets of 3.021 billion dollars on September 30, 2023, HSBC is one of the world's largest banking and financial services organizations.
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