Timing was everything for HSBC this week, as the bank helped a range of issuers to the bond markets before Ben Bernanke’s comments on a slowdown of US quantitative easing prompted a fresh bout of volatility.

Jean-Marc Mercier, global head of debt syndicate at HSBC, said: "Markets were waiting for the Fed yesterday [Wednesday] but we were busy doing trades ahead of that and I think it was the right decision."