Published on 12/14/2011 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $7.71 million fixed-to-floaters with 3% initial rate, 6% cap
By Susanna Moon
Chicago, Dec. 14 - HSBC USA Inc. priced $7.71 million of fixed-to-floating notes due Dec. 15, 2014, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% for the first year. After that it will be Libor plus 100 basis points, with a maximum rate of 6% per year and a minimum rate of 1% per year in each period. Interest is payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Fixed-to-floating notes
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Amount: | $7,712,000
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Maturity: | Dec. 15, 2014
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Coupon: | 3% for one year; then Libor plus 100 bps, subject to cap of 6% and floor of 1%; payable quarterly
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Price: | Variable prices
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Payout at maturity: | Par
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Pricing date: | Dec. 12
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Settlement date: | Dec. 15
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 0.323% (average)
|
Cusip: | 4042K1TT0
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