HSBC bond issue closes after two hours

HSBC Bank Malta plc's offer to the public of Lm20 million in subordinated bonds were fully subscribed. The 4.6% bond issue received an excellent response, the bank said in a statement, and, as a consequence, the offer closed on the first day.

The bank exercised its option to take on the Lm5 million over-allotment. This week the bank will announce its allocation policy to ensure a fair distribution of its bonds.

"The high demand for HSBC bonds confirms the regard and confidence that investors have in both HSBC Bank Malta and the HSBC Group," HSBC Bank Malta plc's chief executive officer, Shaun Wallis, said. "The board of directors thanks the public for supporting this offer in such a strong manner."

Rizzo, Farrugia & Co acted as sponsoring stockbrokers for the bond issue.