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HSBC to price callable leveraged steepener notes tied to CMS rates
By Marisa Wong
Madison, Wis., Nov. 21 - HSBC USA Inc. plans to price callable leveraged steepener notes due Dec. 11, 2028, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 10% for the first year. After that, interest will be equal to 4.25 times the reference rate, subject to a cap of 10% and a floor of 0%. The reference rate is the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par in whole but not in part on Dec. 11, 2014 and Dec. 11, 2021.
HSBC Securities (USA) Inc. will be the agent.
The notes will price on Dec. 6 and settle on Dec. 11.
The Cusip number is 40432XNT4.
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