AT1 Bond Market Reopens With HSBC Raising $2.5 Billion

HSBC Holdings Plc sold the first major-currency Additional Tier 1 bonds since the Iran conflict began, reopening the risky corner of the credit market.

The lender raised $2.5 billion through two perpetual notes first callable in 5.5 years and 10 years, according to a person familiar with the matter who asked not to be identified. The bonds will respectively yield 6.75% and 7%, about a half-percentage point tighter than initial marketing levels, the person added.