HSBC restores AT1 hopes ahead of hectic Q4 for capital

Less than a week after mounting concerns that investors were turning away from additional tier one debt, HSBC’s standout trade on Wednesday showed that AT1, a crucial element of banks’ post-crisis capital structures, was firmly back in play. With $30bn of demand across the UK bank’s euro and dollar tranches, the stage is set for more lenders to issue the product, writes Nathan Collins.