HSBC bond issue allocation policy

HSBC on Wednesday announced the allocation policy for its €25 million bond issue, which was over-subscribed within an hour of opening. The bank exercised the over-allotment option of a further €5 million.

Over 2,800 applications were received for a total value exceeding €53 million. Subscriptions at both the pre-placement stage and the public offer had to be scaled down accordingly.

Public offer applications up to a value of €4,000 were accepted in full. In the case of applications over €4,000, the first €4,000 were met in full; the remainder was scaled down to 15.933%. The allocation was rounded down to the nearest €100.

Refunds on the bonds (where applicable) will be made through direct credit into the applicant's bank account. Interest on the bonds starts from October 1.