版上前辈大家好, 刚开始研究债券, 看了一点债券说明书 (PROSPECTUS) 但碍於理工科背景, 虽然多益还有800, 觉得这说明书看起来还是雾飒飒.. 因此想跟大家请教 1) HSBC 永续债 2027/5/22可CALL，(ISINCODE: US404280BL25) 2) 利率： 　 目前是固定6%，2027/5/22之後是 the applicable per annum interest rate will be equal to the sum of the applicable Mid-Market Swap Rate on the relevant Reset Determination Date and 3.746%. 每5年调整一次 3) 我的问题：　（说明书第一页的内容在本文後面） a) 在2027年之後, 利率会变成 [3.746%] + [the applicable Mid-Market Swap Rate] 是吗? b) 那什麽是 the applicable Mid-Market Swap Rate ? google告诉我, 这就是 "LIBOR"的意思~ 是吗? https://www.lawinsider.com/dictionary/mid-market-swap-rate 但LIBOR也有可能是负的, 并且这变动利率没有设下限 所以到时候低於 3.746% 也是有可能的, 是吗? c) 根据下文的第二段, 看起来似乎是, HSBC有权利cancel利息支付 但请问是, HSBC有权利完全不支付利息? 还是只能够延期支付呢? HSBC可以在什麽状况下不支付利息呢? 4) 公开说明书连结 https://www.esunbank.com.tw/bank/-/media/esunbank/files/wealth/bonds/bond_a389 5) 公开说明书内容 (+google翻译) We are offering $3,000,000,000 principal amount of 6.000% Perpetual Subordinated Contingent Convertible Securities (Callable May 22, 2027 and Every Five Years Thereafter) (the “Securities”). The Securities will be issued pursuant to the indenture dated August 1, 2014 (as amended or supplemented from time to time), as supplemented and amended by a fifth supplemental indenture, which is expected to be entered into on May 22, 2017 (together, the “Indenture”). From (and including) the issue date to (but excluding) May 22, 2027 (such date and each fifth anniversary date thereafter, a “Reset Date”), the interest rate on the Securities will be 6.000% per annum. From and including each Reset Date to (but excluding) the next following Reset Date, the applicable per annum interest rate will be equal to the sum of the applicable Mid-Market Swap Rate on the relevant Reset Determination Date and 3.746%. Subject to cancellation as described further below, we will pay interest on the Securities, if any, in arrear on May 22 and November 22 of each year, beginning on November 22, 2017. 我们提供3,000,000,000美元本金额6.000％永久次级或有可转换证券（可於2027年5月22 日及之後每五年召开一次）（「证券」）。证券将根据2014年8月1日的契约（经不时修订 或补充）发行，由第五补充契约补充和修订，预计将於2017年5月22日签订（合并， “契 约”）。从（包括）发行日期到（但不包括）2027年5月22日（此日期及之後的每个五周 年日期，“重置日期”），证券的利率将为每年6.000％。从下一个重置日期开始（包括 下一个重置日期）到下一个重置日期（但不包括），适用的每年利率将等於相关重置确定 日期的适用中间市场掉期利率之和和3.746％。如下文所述，如果取消，我们将於2017年 11月22日开始在每年的5月22日和11月22日的欠款中支付证券的利息（如有）。 The interest rate following any Reset Date may be less than the interest rate that applies immediately prior to such Reset Date, including the initial interest rate of 6.000%. Moreover, interest will be due and payable on an interest payment date only to the extent it is not cancelled or deemed to have been cancelled in accordance with the terms of the Securities. We will have sole and absolute discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any interest payment date. The terms of the Securities also provide for circumstances under which we will be restricted from making an interest payment (in whole or in part) on an interest payment date, and the interest payable in respect of any such interest payment date will be deemed to have been cancelled (in whole or in part). 任何重置日期後的利率可能低於紧接该重置日期前适用的利率，包括6.000％的初始利率 。此外，只有在未根据证券条款取消或视为已取消的情况下，利息将在利息支付日到期并 支付。我们将在任何时候以任何理由全权或绝对酌情决定取消（全部或部分）任何利息支 付，否则将在任何利息支付日支付。证券的条款还规定了我们将被限制在利息支付日支付 利息（全部或部分）的情况，并且任何此类利息支付日的应付利息将被视为具有被取消（ 全部或部分）。 The Securities are perpetual and have no fixed maturity or fixed redemption date. As a result, you may not receive any payments with respect to the Securities as we are not required to pay the principal amount of the Securities at any time prior to a Winding-up Event and we will have the sole and absolute discretion at all times and for any reason to cancel in whole any interest payment. 证券是永久性的，没有固定的到期日或固定的赎回日期。因此，您可能无法收到任何 有关证券的付款，因为我们无需在清盘活动前的任何时间支付证券的本金额，我们将始终 拥有唯一的绝对酌情权。并以任何理由取消任何利息支付。 6) 心得：google翻译好强..... 或许他的翻译在前辈们眼中是破绽百出, 但已经比我强100倍了... --

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