HSBC (HKG:0005) said it will launch a tender offer to repurchase $2.78 billion worth of previously issued debt, according to a Hong Kong bourse filing on Tuesday.

The bank is offering to buy $263.7 million of 7.625% subordinated notes due 2032; $124.7 million of 7.35% subordinated notes due 2032; $1.43 billion of 6.5% of subordinated notes due 2036; and $961.3 million of 6.80% subordinated notes due 2038.

The tender offer will launch on Sept. 2 at 10 a.m. ET and last until Sept. 8, unless extended, the lender said.