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HSBC plans seven-year fixed-to-floating notes on Consumer Price Index
By Toni Weeks
San Diego, March 7 - HSBC USA Inc. plans to price fixed-to-floating-rate notes due 2018 linked to the Consumer Price Index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3.25% for the first year. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 150 basis points, subject to a maximum interest rate of 7%.
Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par plus the final interest payment.
The Cusip is 4042K1FE8.
HSBC Securities (USA) Inc. will be the agent.
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