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HSBC plans fixed-to-floaters due 2022 with 5% initial rate, 7% cap
By Susanna Moon
Chicago, April 17 - HSBC USA Inc. plans to price fixed-to-floating notes due May 2, 2022, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 5% for the first two years. After that, it will be Libor plus 115 basis points, with a minimum rate of 1.15% and a maximum rate of 7%. Interest is payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. will be the agent.
The notes will price on April 27 and settle on May 2.
The Cusip number is 4042K1G72.
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