It appears there has been a significant devaluation for miles for conversions for British Airways, Iberia, and Aer Lingus (all went from 1:1 to 1:25 to 1). However, from Dec 7 to Jan 3 2024, they are offering a 25% bonus transfer so at least it gets us back to 1:1 for that period.

https://www.us.hsbc.com/credit-card-...count/rewards/
"Get 25% Bonus Avios when you transfer your Points

Transfer your HSBC Points to Avios through Rewards for Miles and receive 25% Bonus Avios December 7, 2023 through January 3, 2024.Avios is the reward currency for British Airways Executive Club, AerClub and Iberia Plus frequent flyer programs.

You can transfer any number of Points you have available and redeem for reward flights, cabin upgrades, hotels and more.
The promotional period for this offer is 12/7/2023 to 1/3/2024 11:59p.m. ET. Eligible Cardmembers will receive 25% bonus Avios for HSBC Elite World Elite Mastercard® or HSBC Premier World Mastercard® Credit Card Rewards Program Points transferred to Avios during the promotional period. Bonus Avios will be awarded separately from the original transaction and will be credited to the customer within 7–10 business days.



Devaluation