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HSBC plans to price 10-year fixed-to-floaters with 3% initial rate
By Toni Weeks
San Diego, Dec. 5 - HSBC USA Inc. plans to price fixed-to-floating notes due December 2022, according to an FWP filing with the Securities and Exchange Commission.
The interest rate is 3% for the first two years. After that it will be equal to Libor plus a margin of at least 40 basis points, subject to a maximum rate of 7%. The exact margin will be determined at pricing.
Interest is payable quarterly.
The payout at maturity will be par.
The notes are expected to price and settle in December.
Bank of America Merrill Lynch will be the agent.
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