Books on HSBC US$2bn AT1 bond reach over US$10bn - sources
By Will Caiger-Smith
NEW YORK, May 24 (IFR) - HSBC attracted more than US$10bn of orders for its US$2bn Additional Tier 1 bond on Tuesday.
The bank, rated Baa3/BBB, launched the perpetual non-call five-year subordinated contingent convertible notes at 6.875%, a banker on the deal told IFR on Tuesday.
The launch level is inside initial price thoughts of 7.25% area. The bond, the first US dollar AT1 from a UK bank this year, is expected to price later on Tuesday.
(Reporting by Will Caiger-Smith; editing by Shankar Ramakrishnan)