Sign in

You're signed outSign in or to get full access.

Ivan Zubo

credit analyst at UBS Group AG

Ivan Zubo is a credit analyst at UBS Group AG, specializing in European banks research. He covers major institutions in the banking sector, though specific company names and performance metrics such as success rates or returns are not publicly detailed in available sources. Zubo began his career as a Credit Analyst at BNP Paribas SA (London Branch) from 2009 to 2013, followed by a role as Senior Banks Credit Analyst, before joining UBS; professional credentials including FINRA registrations or securities licenses are not specified.

Ivan Zubo's questions to HSBC HOLDINGS (HSBC) leadership

Question · Q4 2025

Ivan Zubo (UBS Group AG) requested an update on HSBC's legacy position, specifically regarding the 5844s, and a broader overview of the bank's strategy for managing its legacy stack.

Answer

Group Treasurer Faisal Yousaf clarified that HSBC has no current intention to call the 5844s, which are legacy make-whole call Tier 1 instruments, having previously decided against calling them in 2024 due to economic optimality. He stated that the bank regularly monitors this. More broadly, Mr. Yousaf expressed satisfaction with the progress in reducing the legacy stack by approximately half from over $14 billion in 2022, including a liability management exercise in 2025 for New York law instruments. He affirmed that HSBC will continue to seek opportunities to reduce the stack, provided it is proportionate in terms of cost and complexity.

Ask follow-up questions

Fintool

Fintool can predict HSBC HOLDINGS logo HSBC's earnings beat/miss a week before the call

Question · Q4 2025

Ivan Zubo of UBS submitted a question requesting an update on HSBC's legacy position, specifically regarding the 5844s, and a broader overview of the legacy stack management.

Answer

Faisal Yousaf, Group Treasurer, explained that HSBC continues to monitor the 5844s, legacy make-whole call Tier 1 instruments, but currently has no intention to call them as it was not economically optimal in 2024. He expressed satisfaction with the progress in reducing the overall legacy stack by approximately half from over $14 billion in 2022, citing a liability management exercise in 2025 for New York law instruments, and affirmed continued efforts where economically proportionate.

Ask follow-up questions

Fintool

Fintool can write a report on HSBC HOLDINGS logo HSBC's next earnings in your company's style and formatting