HSBC Bond Issue

HSBC Holdings PLC
17 December 2002

                                HSBC BOND ISSUE

HSBC Holdings plc has launched and priced a three-tranche subordinated debt
issue to raise the equivalent of US$3.4 billion. The three tranches are:

* US$1.4 billion 5.25% Subordinated Notes due 2012

* EUR1 billion 5.375% Subordinated Notes due 2012

* £650 million 5.75% Subordinated Notes due 2027

The US$ issue closed on 12 December 2002 and the euro and sterling issues close
on 20 December 2002.

The proceeds of the issue will be used to strengthen further the capital base of
HSBC Holdings plc and provide additional funds for the holding company following
the acquisitions of 99.59 per cent of Grupo Financiero Bital S.A. de C.V. and a
10 per cent holding in Ping An Insurance Company of China, Limited during 2002.


                      This information is provided by RNS
            The company news service from the London Stock Exchange