HSBC Holdings in $1.3 Billion Tier 1 Debt Offering

September 22, 2005

Cleary Gottlieb represented HSBC Holdings plc in an offering of $1.3 billion 6.20% Non-Cumulative Dollar Preference Shares, issued as American Depository Shares. The offering was a takedown under a $3.75 billion shelf covering debt securities and preference shares. This transaction was the first offering by HSBC Holdings plc of its preference shares.