Published on 6/21/2011 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $4.18 million more callable step-up notes with 4% initial rate
By Jennifer Chiou
New York, June 21 - HSBC USA Inc. priced another $4.18 million of callable step-up fixed-rate notes due June 30, 2023, upsizing its issue from the original $4.49 million to $8.67 million, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 4% for the first four years. It will step up to 4.5% on June 30, 2015 and to 5% on June 30, 2019. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on June 30, 2015 and June 30, 2019.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Callable step-up fixed-rate notes
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Amount: | $8.67 million (upsized from original $4.49 million)
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Maturity: | June 30, 2023
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Coupon: | 4% initially, steps up to 4.5% on June 30, 2015 and to 5% on June 30, 2019, payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on June 30, 2015 and June 30, 2019
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Pricing date: | June 14
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Upsize date: | June 17
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Settlement date: | June 30
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 2.033%
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Cusip: | 4042K1JY0
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