The tender offers, launched August 5, 2026, cover $8.6 billion in aggregate principal currently held by investors. The bank intends to finance these repurchases primarily through the proceeds of a proposed new issuance of senior unsecured debt securities. Completion of the buyback is tied to the successful pricing of these new notes, a condition the company describes as essential to the transaction.
Acceptance priority will be determined by a tiered system, with the September 2028 notes holding the highest priority and the March 2028 notes the lowest. The bank has set the expiration time for all offers at 5:00 p.m. New York City time on August 12, 2026, with a target settlement date of August 17. HSBC Bank plc is serving as the dealer manager for the operation, while Global Bondholder Services Corporation acts as the information agent.
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