HSBC to price five-year collared floating-rate notes with 5.5% cap

By Jennifer Chiou

New York, Feb. 11 - HSBC USA Inc. plans to price collared floating-rate notes due Feb. 23, 2016, according to a term sheet.

The coupon will be Libor plus 25 basis points, with a minimum rate of 2.25% to 2.5% and up to a maximum rate of 5.25%. Interest is payable quarterly.

The payout at maturity will be par, and the exact terms will be set at pricing.

The notes (Cusip: 4042K1EA7) will price on Feb. 17 and settle on Feb. 23.

HSBC Securities (USA) Inc. is the agent.

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