Published on 10/19/2011 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1.02 million callable step-up notes with 3.5% initial rate
By Jennifer Chiou
New York, Oct. 19 - HSBC USA Inc. priced $1.02 million of callable step-up rate notes due Nov. 1, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3.5% for the first four years. It will step up to 4.25% on Nov. 1, 2015 and to 5.5% on Nov. 1, 2019. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable in whole at par on Nov. 1, 2015 and Nov. 1, 2019.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Callable step-up rate notes
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Amount: | $1.02 million
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Maturity: | Nov. 1, 2023
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Coupon: | 3.5% initially, stepping up to 4.25% on Nov. 1, 2015 and to 5.5% on Nov. 1, 2019; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on Nov. 1, 2015 and Nov. 1, 2019
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Pricing date: | Oct. 17
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Settlement date: | Nov. 1
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.757%
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Cusip: | 4042K1QP1
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