HSBC Faces Round Two Of Subprime Punishment
次贷危机袭击美国之时，全球银行业巨头汇丰控股有限公司(HSBC Holdings PLC)是首批受冲击的银行之一。现在汇丰可能又要经受第二轮打击。汇丰通过旗下消费金融业务子公司HSBC Finance Corp.持有大量高风险美国消费贷款，汇丰已在这类不良投资组合上计入了逾400亿美元减值损失。今年汇丰筹集了185亿美元新鲜资本，并表示将逐步缩减HSBC Finance的大部分业务，力图结束汇丰控股144年历史中的一段艰难篇章。但由于经济和住房数据表明还将有更多美国消费者可能出现贷款违约，分析师们想知道汇丰目前认为状况良好的贷款还将出现多大的损失。研究公司CreditSights的斯蒂尔(Adam Steer)说，很可能出现大规模损失。Bloomberg News汇丰的伦敦总部大楼2003年汇丰收购贷款机构Household International Inc.，由此进入美国次贷市场，并迅速建立了大量资产投资组合，主要由高风险抵押贷款组成。截至今年3月31日，汇丰给这些资产的估值为900亿美元，而该行预计若将这些贷款出售仅能获得575亿美元。汇丰的理由是，虽然目前的整体形势看上去可能很糟糕，资金短缺的投资者也对购买这类贷款心存谨慎，然而客户还是很有可能最终还清贷款。汇丰发言人说，他们比市场更了解这些贷款的价值，因为银行每天都能看到贷款者的还贷情况，事实上也有绝大部分人确实在归还贷款。不过斯蒂尔对此并不是那么确信。他与同事亨德勒(David Hendler)在一份研究报告中指出，HSBC Finance修订条款（即降低违约贷款的还款额度，拉长还款期）或修改还款时间（将贷款者当前支付的还款额计为归还此前拖欠的款项）的房贷数量稳步增加。截至3月31日，汇丰为大约288亿美元的抵押贷款重订了条款或修改了还款时间，较去年年底增加了12%，占此类贷款总额的41%。形势不妙的是，已有很高比例的贷款者拖欠重订后的贷款。截至3月31日，自2007年1月以来修订或改期的贷款有24%再次出现拖欠60天以上的情况，其中有3%已经冲销。原则上，万一美国子公司出现重大损失，汇丰也不一定会受到影响。HSBC Finance是一个独立的实体，拥有750亿美元的长期债务，这些债务的持有者可能会最终承受损失。但汇丰管理层已经表示将会支持美国子公司。并非所有人都认为HSBC Finance的问题在恶化。瑞银(UBS)分析师莱恩(Alastair Ryan)预测汇丰三年总损失将为170亿美元，低于他3月份预测的200亿美元。他指出今年一季度不良贷款仅仅略有增加，并以此和其他一些情况作为损失正在见顶的证据。收购Household International的失误仍然令股东们愤怒不已。汇丰上个月在伦敦召开的年会上，股东们表达了他们对这桩赔钱的并购交易的恼怒之情，质问董事会当时的判断力，并要求董事长格林(Stephen Green)道歉。格林本人并未致歉，但再度表示事后看来，汇丰希望当初没有做这桩交易。Sara Schaefer Munoz / Carrick Mollenkamp相关阅读汇丰控股：正积极筹备在中国发行人民币计价债券 2009-06-03在华外资银行下调存款利率以节约成本 2009-05-22中国批准外资银行在海外发行人民币债券 2009-05-20汇丰银行周四起下调港元储蓄存款利率 2009-05-20 本文涉及股票或公司document.write (truthmeter('2009年06月05日12:56', '0005.HK'));汇丰控股有限公司（简称：汇丰控股）英文名称：HSBC Holdings PLC总部地点：英国上市地点：香港交易所股票代码：0005document.write (truthmeter('2009年06月05日12:56', 'HBC'));汇丰控股有限公司（简称：汇丰控股）英文名称：HSBC Holdings PLC (ADS)总部地点：英国上市地点：纽约证交所股票代码：HBCdocument.write (truthmeter('2009年06月05日12:56', 'HSBA.LN'));Hsbc Holdings Plc总部地点：英国上市地点：伦敦股票代码：HSBA
When the subprime-mortgage crisis hit in the U.S., global banking giant HSBC Holdings PLC was among the first to get clobbered. Now it could be headed for round two.Through its subsidiary, HSBC Finance Corp., HSBC is a big holder of risky U.S. consumer loans, a toxic portfolio on which it has already taken more than $40 billion in impairment charges. This year, HSBC raised $18.5 billion in fresh capital and said it would wind down most of HSBC Finance, moving to close a bad chapter in the parent bank's 144-year history.But because economic and housing data suggest many more U.S. consumers are likely to default, analysts are wondering how many billions of dollars more the bank may lose on loans it currently records as good. 'There is the potential there for a large loss,' says Adam Steer of research firm CreditSights.HSBC entered the U.S. subprime market in 2003 with the purchase of lender Household International Inc. and quickly built up a large portfolio of assets consisting mostly of risky mortgage loans. As of March 31, HSBC placed a value of $90 billion on those assets, well above the $57.5 billion the bank believed the loans would fetch were it to sell them in the markets.The bank's rationale is that while things might look very bad now, and cash-strapped investors are wary of buying such loans, chances are good that its customers will ultimately pay the loans back. An HSBC spokesman said the bank understands the value of the loans better than the market, because it sees day to day how borrowers are paying, and the 'vast majority' in fact do pay back the loans.Mr. Steer, though, isn't so sure. In a research report, he and colleague David Hendler note a steady increase in the number of home loans that HSBC Finance has modified or 're-aged' -- meaning, respectively, that the bank lowers the payments on delinquent loans, giving borrowers more time to catch up, or tacks missed payments onto the balance if borrowers manage to make their current payments.As of March 31, the bank had modified or re-aged some $28.8 billion in mortgage loans, up 12% from the end of last year and amounting to 41% of such holdings.In one ominous sign, borrowers are already falling behind on the modified loans at a high rate. As of March 31, 24% of loans modified or re-aged since January 2007 were more than 60 days delinquent again, and 3% had already been written off.In principle, HSBC doesn't have to take the hit should its U.S. unit have heavy losses. HSBC Finance is a separate entity with $75 billion in long-term debt, holders of which could be left to absorb losses. HSBC management, though, has said the parent bank will stand behind the U.S. unit.Not everyone shares the view that problems at HSBC Finance are worsening. In a report this month, UBS analyst Alastair Ryan estimated that three-year losses would be $17 billion, down from a $20 billion estimate he made in March. He cites, among other things, the fact that overall nonperforming loans increased only slightly in the first quarter as evidence of a 'peaking of losses.'The Household debacle still rankles shareholders. At HSBC's annual general meeting in London last month, shareholders vented their anger over the money-losing acquisition, questioning the board's judgment at the time and demanding an apology from Chairman Stephen Green. Mr. Green didn't personally apologize but said again that in hindsight HSBC wishes it hadn't done the deal.Sara Schaefer Munoz / Carrick Mollenkamp
When the subprime-mortgage crisis hit in the U.S., global banking giant HSBC Holdings PLC was among the first to get clobbered. Now it could be headed for round two.Through its subsidiary, HSBC Finance Corp., HSBC is a big holder of risky U.S. consumer loans, a toxic portfolio on which it has already taken more than $40 billion in impairment charges. This year, HSBC raised $18.5 billion in fresh capital and said it would wind down most of HSBC Finance, moving to close a bad chapter in the parent bank's 144-year history.But because economic and housing data suggest many more U.S. consumers are likely to default, analysts are wondering how many billions of dollars more the bank may lose on loans it currently records as good. 'There is the potential there for a large loss,' says Adam Steer of research firm CreditSights.HSBC entered the U.S. subprime market in 2003 with the purchase of lender Household International Inc. and quickly built up a large portfolio of assets consisting mostly of risky mortgage loans. As of March 31, HSBC placed a value of $90 billion on those assets, well above the $57.5 billion the bank believed the loans would fetch were it to sell them in the markets.The bank's rationale is that while things might look very bad now, and cash-strapped investors are wary of buying such loans, chances are good that its customers will ultimately pay the loans back. An HSBC spokesman said the bank understands the value of the loans better than the market, because it sees day to day how borrowers are paying, and the 'vast majority' in fact do pay back the loans.Mr. Steer, though, isn't so sure. In a research report, he and colleague David Hendler note a steady increase in the number of home loans that HSBC Finance has modified or 're-aged' -- meaning, respectively, that the bank lowers the payments on delinquent loans, giving borrowers more time to catch up, or tacks missed payments onto the balance if borrowers manage to make their current payments.As of March 31, the bank had modified or re-aged some $28.8 billion in mortgage loans, up 12% from the end of last year and amounting to 41% of such holdings.In one ominous sign, borrowers are already falling behind on the modified loans at a high rate. As of March 31, 24% of loans modified or re-aged since January 2007 were more than 60 days delinquent again, and 3% had already been written off.In principle, HSBC doesn't have to take the hit should its U.S. unit have heavy losses. HSBC Finance is a separate entity with $75 billion in long-term debt, holders of which could be left to absorb losses. HSBC management, though, has said the parent bank will stand behind the U.S. unit.Not everyone shares the view that problems at HSBC Finance are worsening. In a report this month, UBS analyst Alastair Ryan estimated that three-year losses would be $17 billion, down from a $20 billion estimate he made in March. He cites, among other things, the fact that overall nonperforming loans increased only slightly in the first quarter as evidence of a 'peaking of losses.'The Household debacle still rankles shareholders. At HSBC's annual general meeting in London last month, shareholders vented their anger over the money-losing acquisition, questioning the board's judgment at the time and demanding an apology from Chairman Stephen Green. Mr. Green didn't personally apologize but said again that in hindsight HSBC wishes it hadn't done the deal.Sara Schaefer Munoz / Carrick Mollenkamp