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HSBC plans eight-year fixed-to-floating notes on Consumer Price Index
By Toni Weeks
San Diego, May 23 - HSBC USA Inc. plans to price fixed-to-floating-rate notes due June 10, 2019 linked to the Consumer Price Index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 4% for the first year. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 125 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 notes (Cusip: 4042K1HX4) are expected to price June 7 and settle June 10.
HSBC Securities (USA) Inc. will be the agent.
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