strong start

Quite a strong start for this hybrid issue (albeit unimpressive volume), opening at $105, 5% above face value. This takes the running yield to 9.5%. I wouldn't be interested in investing at this price as similar yields are available from other securities with less risk.

Also, although HBSHA offers a nice rate of 10%pa, this will remain fixed as interest rates rise, unlike other securities whose yields are likely to rise over coming years.

I'll keep an eye on it.