Published on 2/1/2012 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $40,000 more callable step-up notes with 3.25% initial rate
By Susanna Moon
Chicago, Feb. 1 - HSBC USA Inc. priced another $40,000 of callable step-up fixed-rate notes due Feb. 6, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to $1.39 million. HSBC priced an initial $717,000 of the notes on Jan. 20 and another $635,000 of the notes on Jan. 25.
The coupon will be 3.25% for the first two years, stepping up to 4% on Feb. 6, 2014 and to 5.5% on Feb. 6, 2019. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date between Feb. 6, 2014 and Feb. 6, 2019.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Callable step-up fixed-rate notes
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Amount: | $1,392,000, increased from $717,000
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Maturity: | Feb. 6, 2024
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Coupon: | 3.25% initially, stepping up to 4% on Feb. 6, 2014 and to 5.5% on Feb. 6, 2019; payable semiannually
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on interest payment dates from Feb. 6, 2014 to Feb. 6, 2019
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Pricing date: | Jan. 20 for $717,000, Jan. 25 for $635,000 and Jan. 30 for $40,000
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Settlement date: | Feb. 6
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.666%
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Cusip: | 4042K1VW0
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