版上前輩大家好, 剛開始研究債券, 看了一點債券說明書 (PROSPECTUS) 但礙於理工科背景, 雖然多益還有800, 覺得這說明書看起來還是霧颯颯.. 因此想跟大家請教 1) HSBC 永續債 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年調整一次 3) 我的問題：　（說明書第一頁的內容在本文後面） a) 在2027年之後, 利率會變成 [3.746%] + [the applicable Mid-Market Swap Rate] 是嗎? b) 那什麼是 the applicable Mid-Market Swap Rate ? google告訴我, 這就是 "LIBOR"的意思~ 是嗎? https://www.lawinsider.com/dictionary/mid-market-swap-rate 但LIBOR也有可能是負的, 並且這變動利率沒有設下限 所以到時候低於 3.746% 也是有可能的, 是嗎? c) 根據下文的第二段, 看起來似乎是, HSBC有權利cancel利息支付 但請問是, HSBC有權利完全不支付利息? 還是只能夠延期支付呢? HSBC可以在什麼狀況下不支付利息呢? 4) 公開說明書連結 https://www.esunbank.com.tw/bank/-/media/esunbank/files/wealth/bonds/bond_a389 5) 公開說明書內容 (+google翻譯) 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. 我們提供3,000,000,000美元本金額6.000％永久次級或有可轉換證券（可於2027年5月22 日及之後每五年召開一次）（「證券」）。證券將根據2014年8月1日的契約（經不時修訂 或補充）發行，由第五補充契約補充和修訂，預計將於2017年5月22日簽訂（合併， “契 約”）。從（包括）發行日期到（但不包括）2027年5月22日（此日期及之後的每個五週 年日期，“重置日期”），證券的利率將為每年6.000％。從下一個重置日期開始（包括 下一個重置日期）到下一個重置日期（但不包括），適用的每年利率將等於相關重置確定 日期的適用中間市場掉期利率之和和3.746％。如下文所述，如果取消，我們將於2017年 11月22日開始在每年的5月22日和11月22日的欠款中支付證券的利息（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緊接該重置日期前適用的利率，包括6.000％的初始利率 。此外，只有在未根據證券條款取消或視為已取消的情況下，利息將在利息支付日到期並 支付。我們將在任何時候以任何理由全權或絕對酌情決定取消（全部或部分）任何利息支 付，否則將在任何利息支付日支付。證券的條款還規定了我們將被限制在利息支付日支付 利息（全部或部分）的情況，並且任何此類利息支付日的應付利息將被視為具有被取消（ 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. 證券是永久性的，沒有固定的到期日或固定的贖回日期。因此，您可能無法收到任何 有關證券的付款，因為我們無需在清盤活動前的任何時間支付證券的本金額，我們將始終 擁有唯一的絕對酌情權。並以任何理由取消任何利息支付。 6) 心得：google翻譯好強..... 或許他的翻譯在前輩們眼中是破綻百出, 但已經比我強100倍了... --

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