(June 12) – The initial public offering for the preferred shares of HSBC Bank Canada is now open for orders.
The deal is expected to price in the week of June 19, closing the following week. The offering consists of four million preferred shares at $25 a share, paying fixed non-cumulative quarterly dividends in a range between 6.25% and 6.5% per year until September 30, 2005.
HSBC Securities (Canada) Inc. is leading the deal, joined in the underwriting syndicate by Scotia Captial Inc., RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., and Trilon Securities Corp. BayStreetDirect Inc. is also part of the selling group.
HSBC Bank Canada ranks as the seventh largest bank in Canada with total assets of $26.4 billion at March 31.
-James Langton