Cleary Gottlieb represented longtime client HSBC Holdings plc, one of the largest banking and financial services organizations in the world, in its offering of $700 million of its 6.5% subordinated notes due 2036. In May 2006, Cleary Gottlieb represented HSBC in the $900 million initial offering of these notes and in their August 2006 re-opening in which $400 million principal amount of these notes were issued. The notes are listed on the New York Stock Exchange. The offering closed on December 14.