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HSBC plans fixed-to-floating notes due 2023 with 4.25% initial rate
By Marisa Wong
Madison, Wis., Sept. 19 - HSBC USA Inc. plans to price fixed-to-floating notes due Sept. 29, 2023, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 4.25% for the first four years. After that, it will be Libor plus 100 basis points, with a minimum rate of 1% and a maximum rate of 7%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 4042K1NU3) will price on Sept. 26 and settle on Sept. 29.
HSBC Securities (USA) Inc. is the agent.
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