HSBC UK Bank plc (RT90) has issued £1,000,000,000 in Floating Rate Regulated Covered Bonds due November 2029, designated as Series 2026-1 under its €25 billion Global Covered Bond Programme. The bonds were issued and admitted to trading on 9 November 2026, with listing confirmed on the Official List of the Financial Conduct Authority and admission to the Main Market of the London Stock Exchange. The issuance is unconditionally and irrevocably guaranteed as to payments of interest and principal by HSBC UK Covered Bonds LLP, a structural feature that investors in covered bond markets typically regard as a significant credit enhancement.

Key Points

  • HSBC UK Bank plc (RT90) issued £1 billion in Floating Rate Regulated Covered Bonds on 9 November 2026
  • The bonds carry ISIN XS3559934347 and mature in November 2029, forming Series 2026-1 under the €25 billion Global Covered Bond Programme
  • Payments of interest and principal are unconditionally guaranteed by HSBC UK Covered Bonds LLP
  • Investors should monitor any further series issuances under the same programme and broader covered bond market conditions

HSBC UK Bank Raises £1 Billion Through Series 2026-1 Floating Rate Covered Bond Issuance

HSBC UK Bank plc completed the issuance of £1,000,000,000 in Floating Rate Regulated Covered Bonds on 9 November 2026, designating these securities as Series 2026-1 under its established €25 billion Global Covered Bond Programme. The bonds carry ISIN XS3559934347 and are structured to mature in November 2029, providing a three-year funding instrument for the bank. HSBC UK Bank plc is the retail and commercial banking arm of the broader HSBC Group operating in the United Kingdom, primarily engaged in personal banking, mortgages, and business lending services across the country.

HSBC UK Covered Bonds LLP Provides Unconditional Guarantee on Interest and Principal Payments

A defining structural feature of this issuance is the unconditional and irrevocable guarantee provided by HSBC UK Covered Bonds LLP, covering both interest and principal payments on the bonds. This guarantee arrangement is a standard mechanism within regulated covered bond frameworks in the United Kingdom, designed to offer bondholders a dual recourse structure — against both the issuer and the cover pool held within the guarantor entity. The base prospectus governing the Programme is dated 24 June 2026, with a supplementary prospectus dated 5 August 2026, while the final terms specific to this series are dated 5 November 2026.

Bonds Listed on London Stock Exchange Main Market Under FCA Prospectus Rules

In accordance with PRM 1.5.2R and PRM 1.5.3R of the FCA's Handbook Prospectus Rules, HSBC UK Bank plc notified the market that the Covered Bonds have been listed on the Official List of the FCA and admitted to trading on the Main Market of the London Stock Exchange. The issuer's Legal Entity Identifier is recorded as 21380081EP12LC86CB82. Prospectus documents and final terms are publicly available via HSBC UK's regulated covered bond programme webpage, allowing institutional investors and analysts to review the full terms governing this series.

Floating Rate Structure and Three-Year Tenor Reflect Current Funding Strategy

The choice of a floating rate structure for this £1 billion issuance, combined with a relatively short three-year tenor maturing in November 2029, reflects a funding approach that may align with current interest rate conditions in UK capital markets. Covered bonds issued by major UK retail banks under regulated programmes are subject to oversight by the FCA and must comply with the UK's covered bond legislative framework. Investors monitoring HSBC UK Bank plc's wholesale funding activity should note that this issuance forms one series within a significantly larger €25 billion programme capacity, leaving scope for further issuances.