REAL–WORLD CASE STUDY
HSBC Holdings Sold A$1.5 Billion Kangaroo Bonds in March 2010
Prepared by
Saw Kwang Yeow
Siew Ying Yan (4299206)
FIN226 Financial Market & Ins“tu”ons
Spring 2013
Executive Summary
In 2010, there were a total of A$36.1 billion Kangaroo bonds were issued across
seventy-six transactions, as arranged by the Australian operations of foreign banks and
Australia’s major banks. HSBC Holdings was ranked the sixth amongst eighteen bookrunners
with A$2.433 billion bonds issued in four transactions.
In this report, we mainly focused on the case whereby HSBC Holdings’ had sold
A$1.5 billion Kangaroo Bonds by March 2010. This report addresses three main sections: (1)
the types of bond issued, (2) the credit rating and (3) the joint coordination in the issuance of
bonds in the Australian Stock Exchange.
Table of Content
Table of Contents
1.0 Introduc”on………………………………………………………………………………………………………………….…3
2.0 Bonds Issued……………………………………………………………………………………………………………..….…4
2.1 Kangaroo Bonds…………………………………………………………………………………………………..….…...4
2.2 Floa”ng Rate Bonds VS Fixed Rate Bonds………………………………………………………….….….….…..4
2.2.1 Floa“ng Rate Bonds……………………………………………………………………………….….….….….…4
