Published on 9/20/2011 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $265,000 more callable step-up notes with 3% initial rate
By Jennifer Chiou
New York, Sept. 20 - HSBC USA Inc. priced another $265,000 of callable step-up rate notes due Sept. 26, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
This upsizes the total deal size to $3.42 million. The first $1.05 million of the notes priced on Sept. 8 followed by the $2.1 million add-on priced on Sept. 13.
The coupon will be 3% for the first four years. It will step to 4% on Sept. 26, 2015 and to 5% on Sept. 26, 2019. Interest is payable monthly.
The payout at maturity will be par.
The notes will be callable at par on Sept. 26, 2015 and Sept. 26, 2019.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
|
Issue: | Callable step-up rate notes
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Amount: | $3,415,000, upsized from original $1.05 million
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Maturity: | Sept. 26, 2023
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Coupon: | 3% initially, steps up to 4% on Sept. 26, 2015 and to 5% on Sept. 26, 2019; payable monthly
|
Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on Sept. 26, 2015 and Sept. 26, 2019
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Pricing dates: | Sept. 8 for $1.05 million, Sept. 13 for $2.1 million; Sept. 16 for $265,000
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Settlement date: | Sept. 26
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.976%
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Cusip: | 4042K1NN9
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