HSBC plans five-year fixed-to-floaters with 2% initial rate, 5% cap

By Susanna Moon

Chicago, Dec. 13 - HSBC USA Inc. plans to price fixed-to-floating notes due Dec. 21, 2016, according to an FWP with the Securities and Exchange Commission.

The coupon will be 2% for the first two years. After that, it will be Libor plus 95 basis points, with a minimum rate of 0.95% and a maximum rate of 5%. Interest is payable semiannually.

The payout at maturity will be par.

HSBC Securities (USA) Inc. will be the agent.

The notes will price on Dec. 14 and settle on Dec. 21.

The Cusip is 4042K1SW4.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.