Published on 3/2/2012 in the Prospect News Investment Grade Daily.
New Issue: HSBC USA reopens 2.375% three-year notes to add $750 million
By Andrea Heisinger
New York, March 2 - HSBC USA Inc. reopened its issue of 2.375% senior notes due 2015 on Friday to add an upsized $750 million, an informed source said.
The size of the reopening was increased from $500 million.
The notes (A1/A+/AA) were priced at 101.237 to yield 1.939% with a spread of Treasuries plus 155 basis points. This was at a tighter level than talk in the 160 bps area.
Total issuance is $2.25 billion, including $1.5 billion priced at 210 bps over Treasuries on Feb. 8.
HSBC Securities (USA) Inc. was the bookrunner.
Co-managers were BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Citigroup Global Markets Inc., Comerica Securities, Inc., Fifth Third Securities, Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC.
The U.S. subsidiary of England's HSBC Holdings plc is based in New York City.
| Issuer: | HSBC USA Inc.
|
| Issue: | Senior notes, reopened
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | Feb. 13, 2015
|
| Bookrunner: | HSBC Securities (USA) Inc.
|
| Co-managers: | BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Citigroup Global Markets Inc., Comerica Securities, Inc., Fifth Third Securities, Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC
|
| Coupon: | 2.375%
|
| Price: | 101.237
|
| Yield: | 1.939%
|
| Spread: | Treasuries plus 155 bps
|
| Call: | Non-callable
|
| Trade date: | March 2
|
| Settlement date: | March 7
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: AA
|
| Price talk: | 160 bps area
|
| Total issuance: | $2.25 billion, including $1.5 billion priced on Feb. 8
|
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