HSBC ups planned Samurai issuance size to Y117 bln

11 September 2009 @ 02:15 am EDT

HSBC Bank Plc has increased the size of its planned Samurai bond issuance to 117 billion yen ($1.3 billion), nearly double an initial estimate of Y60 billion yen, documents filed with Japanese financial authorities showed on Friday.

A customer enters a branch of HSBC bank in central London November 8, 2008. Europe's biggest bank, HSBC, said on November 10, 2008 its profit in the third quarter was up from a year ago as growth in Asia helped offset more than $4 billion (2.5 billion pounds) in bad debts on U.S. home loans. HSBC said its profits in the nine months to the end of September, however, was lower than the same period of 2007. Photograph taken November 8, 2008.

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HSBC plans to sell its first-ever Samurai bonds later this month, with HSBC Securities (Japan), Mitsubishi UFJ Securities and Mizuho Securities acting as lead managers.

The bonds are expected to come in two tranches -- fixed-rate and floating-rate -- with a maturity of five years.

The bank will offer 87 billion yen in fixed-rate bonds, boosted from 30 billion yen in the initial plan, and 30 billion yen in floating-rate bonds, according to the documents.

Samurai bonds are yen debt issued in Japan by non-Japanese entities.

(Reporting by Rika Otsuka; Editing by Joseph Radford)

HSBC ups planned Samurai issuance size to Y117 bln

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