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HSBC to price 10-year fixed-to-floaters with 6.5% initial rate
By Jennifer Chiou
New York, Oct. 18 - HSBC USA Inc. plans to price fixed-to-floating notes due Nov. 2, 2021, according to an FWP with the Securities and Exchange Commission.
The interest rate is 6.5% for the first year. After that, it will be equal to the lesser of the 10-Year Constant Maturity Swap and the cap of 10% per year. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 4042K1QU0) are expected to price on Oct. 28 and settle on Nov. 2.
HSBC Securities (USA) Inc. will be the agent.
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