By Toni Weeks
San Diego, Aug. 11 - HSBC USA Inc. priced $3.37 million of fixed-to-floating notes due Aug. 12, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.5% for the first two years. After that, the interest rate will be Libor plus 62.5 basis points, subject to a maximum rate of 6% in each interest period. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Fixed-to-floating notes
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Amount: | $3.37 million
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Maturity: | Aug. 12, 2016
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Coupon: | Initially 2.5%; after that, Libor plus 62.5 bps; maximum of 6%, minimum of 0%; payable quarterly
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Price: | Variable prices
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Payout at maturity: | Par
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Pricing date: | Aug. 9
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Settlement date: | Aug. 12
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Agents: | HSBC Securities (USA) Inc.
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Cusip: | 4042K1LM3
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