The enthusiasm of global lenders has resulted in an order book of $3.8 billion, allowing for a 37.5 basis point tightening of pricing before the final allocation of securities. The operation, coordinated globally by HSBC alongside a banking syndicate including Standard Bank of South Africa, Standard Chartered Bank, Commerzbank, and MUFG Securities EMEA, marks the institution's first public dollar market outing since 2021.

The placement consists of two distinct tranches of $750 million each. The first tranche, with a maturity of 5.5 years until January 2032, has a final yield of 6.25%. The second tranche, spread over 10 years with a fixed maturity in July 2036, offers a rate of 7.125%. The success of the operation extends the refinancing dynamic begun earlier in the year, notably illustrated in March 2026 by the conclusion of a $2 billion syndicated loan subscribed to by 31 financial institutions.

This major transaction takes place in a context of strategic diversification of the bank's resources. After the termination of rating relationships with Fitch Ratings, the financial management had oriented its operations towards alternative bond issuances, notably the Samurai markets in Japan and Panda in China. The institution continues to rely on a resilient financial structure, with a total balance sheet and conditional commitments of $48.5 billion and $8.4 billion in equity at the close of the 2025 financial year.


Bernardo

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