The lender led a group of banks that extended up to $500m (€444m) to Petroceltic three years ago, helping the Irish oil-and-gas explorer develop its prized gas field in the southeast of Algeria. HSBC has reportedly sold its part of a $ 100 m loan made to it three years ago at a 30 % markdown on face value , making a significant profit . This was after analysis from Bank of America suggested that " While Europe ’s lenders say that many of their loans are to business people who can ride out the slump , that still leaves $ 113bn in lending to minnows , wildcatters , and other junk - rated fish " .
HSBC has reportedly sold its part of a $ 100 m loan made to it three years ago at a 30 % markdown on face value , making a significant profit . This was after analysis from Bank of America suggested that " While Europe ’s lenders say that many of their loans are to business people who can ride out the slump , that still leaves $ 113bn in lending to minnows , wildcatters , and other junk - rated fish " .