Leading lenders could face decade-high debt in crisis

HSBC Holdings Plc, Royal Bank of Scotland Group Plc and the biggest UK banks face the most debt coming due in at least 10 years as the credit market seizure raises borrowing costs to the highest on record.

The six largest British banks have 54 billion pounds of debt to refinance by April, triple the amount of the year-ago period, according to data compiled by Bloomberg. HSBC, the UK's biggest bank, and RBS each have about 11.5 billion pounds of debt due, while Barclays Plc has 15.9 billion pounds maturing, the data show.

Financing costs are soaring as banks hoard cash after the credit crunch triggered by the US subprime mortgage crisis a year ago. The three-month London interbank offered rate in dollars rose to 4.52 percent from 2.64 percent in March, while the equivalent rate for euros increased to a record 5.39 percent, from 4.74 percent six months ago.