Issuance - Subordinated Notes

HSBC Holdings PLC
18 October 2007

                       HSBC ISSUANCE OF SUBORDINATED NOTES

On 18 October 2007, HSBC Holdings plc issued the following subordinated notes:

   • GBP900,000,000 Callable Subordinated Fixed to Floating Rate Notes due
     2022 (the "GBP Notes"). Application has been made to list the GBP Notes
     issued on the London Stock Exchange.

   • US$1,750,000,000 of 6.5% Subordinated Notes due 2037 (the "New US$
     Notes"). The New US$ Notes form a part of the same series as, and are
     fungible with, the outstanding US$750,000,000 6.5% Subordinated Notes due
     2037 issued by HSBC Holdings plc on 12 September 2007 (the "Existing US$
     Notes") and, together with the New US$ Notes, the "US$ Notes".

     The aggregate principal amount of the US$ Notes of this series now outstanding
     is US$2,500,000,000. The Existing US$ Notes are listed on the New York Exchange.
     Application has been made to list the New US$ Notes issued on the New York Stock
     Exchange.

Note to editors:
HSBC Holdings plc
HSBC Holdings plc serves over 125 million customers worldwide through around
10,000 offices in 83 countries and territories in Europe, the Asia-Pacific
region, the Americas, the Middle East and Africa. With assets of some US$2,150
billion at 30 June 2007, HSBC is one of the world's largest banking and
financial services organisations. HSBC is marketed worldwide as 'the world's
local bank'.

                                   



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