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HSBC to price 12-year callable step-up notes with 3% initial rate
By Marisa Wong
Madison, Wis., Jan. 20 - HSBC USA Inc. plans to price callable step-up rate notes due Feb. 2, 2024, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3% for the first five years, stepping up to 4.5% for years six through 10 and to 6.5% for years 11 through 12. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on Feb. 2, 2017 and Feb. 2, 2022.
The notes (Cusip: 4042K1VY6) are expected to settle on Feb. 2.
HSBC Securities (USA) Inc. will be the agent.
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