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HSBC plans 5.5-year fixed-to-floaters with 3% initial rate and 7% cap
By Susanna Moon
Chicago, Sept. 26 - HSBC USA Inc. plans to price fixed-to-floating notes due April 17, 2017, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3% for the first 18 months. After that, it will be Libor plus 100 basis points, up to a maximum rate of 7%. Interest will be payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Oct. 12 and settle on Oct. 17.
The Cusip number is 4042K1PA5.
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