New Issue: HSBC prices $325,000 more callable step-up notes with 3.5% initial rate

By Jennifer Chiou

New York, Oct. 19 - HSBC USA Inc. upsized its issue of callable step-up rate notes due Nov. 1, 2023 to $1.46 million from the original $1.02 million priced on Oct. 17, according to a 424B2 filing with the Securities and Exchange Commission.

The $110,000 second tranche priced on Oct. 20, and the most recent $325,000 priced on Oct. 25.

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.
Issue:	Callable step-up rate notes
Amount:	$1,455,000, upsized from $1.02 million
Maturity:	Nov. 1, 2023
Coupon:	3.5% initially, stepping up to 4.25% on Nov. 1, 2015 and to 5.5% on Nov. 1, 2019; payable quarterly
Price:	Variable
Payout at maturity:	Par
Call option:	At par on Nov. 1, 2015 and Nov. 1, 2019
Pricing dates:	Oct. 17 for $1.02 million; Oct. 20 for $110,000; Oct. 25 for $325,000
Settlement date:	Nov. 1
Agent:	HSBC Securities (USA) Inc.
Fees:	1.757% for $1.13 million; 1.662% for $325,000
Cusip:	4042K1QP1

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