HSBC set another record yesterday, breaking through $140 a share for the first time. The stock has risen 20.08 per cent this year, with most of the gains coming since late summer. Warrants on the blue-chip bank have climbed even more dramatically. Last week, Merrill Lynch issued an out-of-the-money warrant for super bulls. The strike price of $146.00 drew a sceptical response from many investors, but after yesterday's surge, that strike price no longer looks quite so stratospheric. The warrant is not yet listed, but brokers said it was trading on the grey market at more than 20 per cent above last week's issue price of $1.