HSBC Bank PLC Credit-Linked Notes Due 2030 Assigned Rating

We assigned our 'A+' rating to HSBC Bank PLC's credit-linked notes linked to Israel. The rating is linked to our long-term issuer credit rating on HSBC Bank PLC and the long-term credit rating on Israel as a synthetically referenced obligation. LONDON (S&P Global Ratings) May 9, 2024--S&P Global Ratings today assigned its 'A+' credit rating to HSBC Bank PLC's $30 million credit-linked notes (CLN) linked to Israel due 2030. The notes are senior unsecured obligations of HSBC Bank PLC issued as an independent series of U.S. dollar-denominated notes under the terms of HSBC Bank PLC's offering circular (and as completed by a pricing supplement). Under the CLN, the issuer buys protection on Israel from the investors. The rating on the

...Reference entity State of Israel Reference obligation Israel $1 billion 3.25% bonds due Jan. 17, 2028 ISIN US46513YJH27. Transaction type Standard emerging European and middle eastern sovereign, in accordance with the ISDA Credit Derivatives Physical Settlement Matrix (Version 30 - May 2, 2022). Obligation category Bond Obligation characteristics Not subordinatedNot domestic currencyNot domestic lawNot domestic issuance Deliverable obligation charactertics N/A...

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