Published on 4/15/2011 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $2.9 million seven-year fixed-to-floating-rate notes
By Toni Weeks
San Diego, April 15 - HSBC USA Inc. priced $2.9 million of fixed-to-floating-rate notes due April 18, 2018 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 3.25% for the first two years. Thereafter, interest will equal Libor plus 100 basis points, subject to a maximum interest rate of 6.5% per year. Interest is payable quarterly.
The payout at maturity will be par plus the final coupon.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
|
Issue: | Fixed-to-floating-rate notes
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Amount: | $2,904,000
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Maturity: | April 18, 2018
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Coupon: | 3.25% for first two years; thereafter, Libor plus 100 bps, capped at 6.5%; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | April 13
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Settlement date: | April 18
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1%
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Cusip: | 4042K1FL2
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