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HSBC to price fixed-to-floating notes due 2017 with 3% initial rate
By Angela McDaniels
Tacoma, Wash., May 1 - HSBC USA Inc. plans to price fixed-to-floating-rate notes due May 16, 2017, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 3% for the first year. After that, the interest rate will be Libor plus 115 basis points, subject to a maximum rate of 6% per year. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 4042K1L50) will price May 11 and settle May 16.
HSBC Securities (USA) Inc. is the underwriter.
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