Subordinated Notes Issuance

HSBC Holdings PLC
14 December 2006


HSBC ISSUANCE OF SUBORDINATED NOTES


On 14 December 2006, HSBC Holdings plc issued US$700,000,000 of 6.5%
Subordinated Notes due 2036 (the "New Notes").

The New Notes form a part of the same series as, and are fungible with, the
outstanding US$1,300,000,000 6.5% Subordinated Notes due 2036 issued by HSBC
Holdings plc on 3 May 2006 and 23 August 2006 (the "Existing Notes" and,
together with the New Notes, the "Notes"). The aggregate principal amount of
Notes of this series now outstanding is US$2,000,000,000.

The Existing Notes are listed on the New York Stock Exchange. Application has
been made to list the New Notes issued on 14 December 2006 on the New York Stock
Exchange.

Note to editors:

HSBC Holdings plc

HSBC Holdings plc serves over 125 million customers worldwide through some 9,500
offices in 81 countries and territories in Europe, the Asia-Pacific region, the
Americas, the Middle East and Africa. With assets of US$1,738 billion at 30 June
2006, HSBC is one of the world's largest banking and financial services
organisations.






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