HSBC brings callables back into focus

Real money investors dominated the allocation of HSBC’s €1.5bn 10 year non-call five tier two deal, which was priced on Tuesday off a book of €3.5bn. Bankers involved in and away from the deal said it was encouraging to see callable tier two bonds — rather than bullets — back in the market, as investors look to shorten the duration of their exposures, to guard against rising rates.