HSBC Holdings plc in $700 Million Debt Offering

December 14, 2006

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.