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HSBC to price callable leveraged steepener notes linked to CMS rates
By Angela McDaniels
Tacoma, Wash., April 25 - HSBC USA Inc. plans to price callable leveraged steepener notes due May 21, 2029, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 8% for the first year. After that, the interest rate will be 6.25 times the reference rate, subject to a cap of 8% per year and a floor of zero. The reference rate is the 30-year Constant Maturity Swap rate minus the five-year CMS rate. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable at par in whole but not in part on May 21, 2015 and May 21, 2022.
HSBC Securities (USA) Inc. is the agent. Morgan Stanley Wealth Management is handling distribution.
The notes will price May 16 and settle May 21.
The Cusip number is 40432XZ79.
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