HSBC makes the case for hybrids

HSBC was one of the few banks that dared to slip out of the Basel-induced paralysis of the hybrid bond market in 2010. It broke the mould — and it did it in style. Hélène Durand spoke to Chris Spooner, HSBC Holdings’ head of financial planning and tax and finds out about the drivers for the deal and his outlook for the future of bank subordinated debt.