HSBC buys back $3.5bn of TLAC senior securities

HSBC Holdings has finished the process of switching $3.5bn of short dated senior debt for a pair of new issues, as it looks to smarten up its liability structure for the total loss-absorbing capacity (TLAC) standards.
HSBC accepted tender offers on six of its US dollar-denominated securities this week.
Its original offer had included nine bonds, but the bank is only buying back its fixed rate securities and is leaving the three remaining floating rate notes outstanding in the market.
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